Nash equilibrium
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We consider games that have both simultaneous and sequential components, combining ideas from before and after the midterm. We represent what a player does not know within a game using an information set: a collection of nodes among which the player cannot distinguish. This lets us define games of imperfect information; and also lets us formally define subgames. We then extend our definition of a strategy to imperfect information games, an...more
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Building on the general equilibrium setup solved in the last week, this lecture looks in depth at the relationships between productivity, patience, prices, allocations, and nominal and real interest rates. The solutions are given to three of Fisher's famous examples: What happens to interest rates when people become more or less patient? What happens when they expect to receive windfall riches sometime in the future? And, what happens when...more
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A probabilistic look at how molecules react to develop the intuition behind the equilibrium constant formula.
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Professor Sylvia Ceyer covers radioactive decay and its various uses in modern medicine. Second order half-life, as a second order integrated rate law, is then discussed. The lecture concludes with the overlap of kinetics and chemical equilibrium: the equilibrium constant, elementary reactions, and an example, the decomposition of ozone.
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Le Chatelier's Principle regarding the "stressing" of reactions in equilibrium.
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Life history covers three main classes of traits in organisms: age and size at maturity, number and size of offspring, and lifespan and reproductive investment. Organisms must make tradeoffs among these traits that typically cause them to come to evolutionary equilibrium at intermediate values. Life history traits are evolutionary solutions to the ecological problems of the risk of mortality and the acquisition of food, and they are expres...more
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The difference between macrostates and microstates. Thermodynamic equilibrium.
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We develop three different interpretations of mixed strategies in various contexts: sport, anti-terrorism strategy, dating, paying taxes and auditing taxpayers. One interpretation is that people literally randomize over their choices. Another is that your mixed strategy represents my belief about what you might do. A third is that the mixed strategy represents the proportions of people playing each pure strategy. Then we discuss some impli...more
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We continue our discussion of mixed strategies. First we discuss the payoff to a mixed strategy, pointing out that it must be a weighed average of the payoffs to the pure strategies used in the mix. We note a consequence of this: if a mixed strategy is a best response, then all the pure strategies in the mix must themselves be best responses and hence indifferent. We use this idea to find mixed-strategy Nash equilibria in a game within a g...more
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