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Economics education studies recommend the adoption of more active and collaborative learning methodologies (Greenlaw, 1999). [2] Simkins (1999) stated "… teaching practices, which rely heavily on the lecture format, are not doing enough to develop students' cognitive learning skills, attract good students to economics, and motivate them to continue coursework in the discipline" (p. 278). [3]
An instructional simulation, also called an educational simulation, is a simulation of some type of reality (system or environment) but which also includes instructional elements that help a learner explore, navigate or obtain more information about that system or environment that cannot generally be acquired from mere experimentation.
As can be noted, this definition does not consider continuous (real-time) processing an alternative. In business simulation games players receive a description of an imaginary business and an imaginary environment and make decisions – on price, advertising, production targets, etc. – about how their company should be run.
A serious game or applied game is a game designed for a primary purpose other than pure entertainment. [1] The "serious" adjective is generally prepended to refer to video games used by industries like defense, education, scientific exploration, health care, emergency management, city planning, engineering, politics and art. [2]
Any game that satisfies the following two conditions constitutes a Deadlock game: (1) e>g>a>c and (2) d>h>b>f. These conditions require that d and D be dominant. (d, D) be of mutual benefit, and that one prefer one's opponent play c rather than d. Like the Prisoner's Dilemma, this game has one unique Nash equilibrium: (d, D).
Examples of games with incomplete but perfect information are conceptually more difficult to imagine, such as a Bayesian game. A game of chess is a commonly given example to illustrate how the lack of certain information influences the game, without chess itself being such a game. One can readily observe all of the opponent's moves and viable ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In game theory, a Bayesian game is a strategic decision-making model which assumes players have incomplete information. Players may hold private information relevant to the game, meaning that the payoffs are not common knowledge. [1] Bayesian games model the outcome of player interactions using aspects of Bayesian probability.