In the non-strategic sequential labor negotiation game: a. The ability to commit to a strategy gives you an advantage b. The ability to commit to a strategy is irrelevant c. The ability to commit to a strategy gives your opponent an advantage d. Players should simply not commit to a strategy to obtain an advantage

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Business

Myla Mcgee

18 December, 04:52

In the non-strategic sequential labor negotiation game: a. The ability to commit to a strategy gives you an advantage b. The ability to commit to a strategy is irrelevant c. The ability to commit to a strategy gives your opponent an advantage d. Players should simply not commit to a strategy to obtain an advantage

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Answers (1)

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Lisa Summers · Answer 1

The correct answer is letter "A": The ability to commit to a strategy gives you an advantage.

Explanation:

Game theory is a branch o mathematics and economy that studies choosing an optimal decision when the costs and benefits for every choice are not determined but rely on others' decisions. Game theory studies events that can be strategic and non-strategic. Game theory is applied in fields such as business, politics, biology, and philosophy.

In a non-strategic labor negotiation game committing to a strategy provides an advantage because it is assumed other players will not. In such a case, the player wold be taking a step towards generating a given scenario in which the negotiation is likely to be favorable for him or her rather than waiting for the rest of the players to find out what happens.