AU Worksite Risk Assessment Form/Site Induction Form - City of Wagga Wagga 2011-2024 free printable template
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In this video I introduced the concept of an extensive form game and then Demonstrate the method of how to solve extensive form games called backward induction an extensive form game is structured way to analyze how two or more individuals interact strategically with one another suppose that we have two players in this game one×39’s name is Draco other one's name is Harry and these players can take actions such as casting spells for example Draco can cast the spell named a or a spell named and Harry can cast a spell named X Ora spell named s Harry spell X after may have a different effect than X Prime after a which may be the exact same spell but it×39’s a different effect, and it shows that the timing of this of the actions actually has an important consequence here when a game is inequilibriumnone of the players have an incentive to unilaterally deviate from that equilibrium play in a two-player game an equilibrium means that each player'strategy is the best response to the other strategy now what do I mean by strategy well strategy is a contingent plan of what the agent wants to do give the actions of the other player we'll be looking for pairs of strategies Harry and Draco which are the best response tithe other strategy to take a concreteexamplein this game Draco if Draco casts spell and then subsequently Harry cast spell both players would receive payoff of five we have written thisdrinka receives the first five and Harry receives the second five now if it was And then X prime Draco would receive four and Harry would receive five theses what×39’s going to motivate our solution to the extensive form game notice that if break o started off right here he hasn't idea what his payoffs will be Lateran down the tree without reasoning through what Harry would do and then what he would subsequently do so natural place to start is here at the bottom of the tree because at the bottom of the tree the individual knows exactly what the stakes earthen reasoning backwards Harry can put himself and Draco shoes deduce what he would do and deduce what his payoff swill be from that so on and so forth unto the up to Draco×39’s first known and what we would get is we would get solution to this game this process is known as backwards induction and sole×39’s go ahead and plot a backwards induction solution to this game and see how all this works so let's start at the lower level of this tree or Draco is faced with two distinct choices on the left branch of the tree where you seethe Draco has a choice between a and Now Draco could choose C and get three, or you can choose a and get two so he×39;going to choose C and get three if we Glover to the right branch a Draco would choose a because five is better than two if we go up to the second level of this game will see is that Draco×39’s action swill just translate it these payoffs and so what we can do pecan rewrite the tree to represent this fat okay so what I did is I promoted the payoffs up to the next level the...
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