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The moccasin game is a gambling game once played by most Native American tribes in North America. In the game, one player hides an object (traditionally a pebble, but more recently sometimes an old bullet or a ball) in one of several moccasins, but in such a way that the other player cannot easily see which moccasin it is in; that player then has to guess which moccasin contains the object.
Management and Economic Simulation Exercise (MESE), also known as JA Titan, is a computer simulation program developed by Junior Achievement.The program is designed to help students develop skills such as decision-making and teamwork.
The Stackelberg leadership model is a strategic game in economics in which the leader firm moves first and then the follower firms move sequentially (hence, it is sometimes described as the "leader-follower game").
In economics, stable matching theory or simply matching theory, is the study of matching markets. Matching markets are distinguished from Walrasian markets in the focus of who matches with whom. Matching theory typically examines matching in the absence of search frictions, differentiating it from search and matching theory.
The nature of the experiment is incentives and the problem of free riding. Public goods games investigate the incentives of individuals who free-ride off individuals who are contributing to the common pool. A public goods game investigates behavioural economics and the actions of the players in the game. In this process, it seeks to use ...
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. [ 1 ] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal ...
The break-even point (BEP) in economics, business—and specifically cost accounting—is the point at which total cost and total revenue are equal, i.e. "even". In layman's terms, after all costs are paid for there is neither profit nor loss.
[8] [9] [10] When Ronald Reagan was giving speeches to General Electric plants in the 1950s and 60s, he read Economics in One Lesson [11] which helped influence his economic philosophy. [12] [13] Economics in One Lesson was an important work for the development of neoliberalism in America. [14]