Lecture 04 - Best Responses in Soccer and Business Partnerships. We continue the idea (from last time) of playing a best response to what we believe others will do. More particularly, we develop the idea that you should not play
a strategy that is not a best response for any belief about others' choices. We use this idea to analyze taking a penalty kick in soccer. Then we use it to analyze a profit-sharing partnership. Toward the end, we introduce a new notion:
Nash Equilibrium. (from oyc.yale.edu)
Lecture 04 - Best Responses in Soccer and Business Partnerships
Time
Lecture Chapters
[00:00:00]
1. Best Response: Penalty Kicks in Soccer
[00:15:14]
2. Best Response: Issues with the Penalty Kick Model
[00:24:06]
3. Best Response: Formal Definition
[00:29:59]
4. Externalities and Inefficient Outcomes: The Partnership Game