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Extensive and Strategic Forms
Objective: building a strategic model. • Introduction of main notions. • Examples and applications. • We won’t solve the games yet !
• Who are the players (decision makers)? • What moves are available to each player and when ? => Strategies. • What does each player know at the time of each of his decisions ? => Information. • What are the outcomes and payoffs at the end?
1. Extensive form representation 2. Strategies 3. Strategic form representation
Extensive form: perfect information
• a set of players • a tree • an informational partition (to be made precise) • a payoff for each player at each terminal node.
• Two agents, Andy and Barb. • Two identical items. • Andy choose first: (i) he keeps both items, (ii) they share or (iii) he gives both items to Barb. • Then Barb gets to either reject the allocation or accept the allocation.
Sharing Game: decision tree
• A decision tree is read from top to bottom. • Each of the dots is called a decision node, which represents a point at which someone has a decision to make. • Some branches come out of a decision node. A branch represents a different action available to the decision maker.