ECON 309 Lecture Notes - Lecture 3: Game Tree, Sequential Game, Linnean Society Of London

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1 Feb 2017
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Instructions: there are 21 flags and two teams. The teams rotate picking flags, and each turn they are allowed to choose either 1,2, or 3 flags. The team that ends up picking the last flag wins. Strategy: you need to have the other team make a move when there are 4 flags left. If you want to figure out what is a good strategy in a sequential game, you want to start from the end where it is clear what the best choice is. 3 flags game: this time you choose between 1 or 2 flags. A game tree can be drawn to show the different strategies. The outcomes are expressed by 1 (winner) and 0 (loser). Game trees start with an initial node, or a root. From there branches are drawn that can lead to either decision nodes or terminal nodes.

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