Player Essay Examples

Problem 2


players are bound to make a bid that is defined by the expectation of the market. In essence, the prospect of attaining bn-V would remain equally distributed among the two market markers. Arguably, the attribute of the trader stands dismissed along the implication of noise. Considering the input of the two market markers, n1 and n2, their ability to achieve bn when the value is unknown would be split evenly MMn1 = bn – V MMn2 = bn – V But V = 0 (since v is undisclosed) Thus, gains from bid would equate to bn. The probability of attaining bn for each player would be 50%, Thus, at equilibrium, bn = ½ Suppose MMn chooses never to become informed (pn = 0), and MMm chooses always to become...

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