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Extensive Form Games
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Tree Representation
Extensive form games are represented by a decision tree that denotes players, actions, and outcomes at different points in time.
Players and Information Sets
Each node is assigned to a player. Information sets group nodes together when a player cannot distinguish between them due to imperfect information.
Order of Play
The game is played in a sequence of moves, reflecting the order in which players make decisions.
Strategies
A strategy in extensive form games is a complete plan of action that specifies what a player will do at each information set.
Payoffs
The leaves of the tree represent the culmination of actions and carry the payoffs for each player.
Backward Induction
Backward induction is a method used to solve extensive form games where you start from the end of the game and proceed backwards to determine optimal actions.
Subgames
A subgame consists of every decision node following a particular node and must include all the descendant nodes of this node.
Perfect Information
In games of perfect information, every player knows the moves previously made by all players.
Chance Nodes
Nodes that represent random outcomes and are not controlled by any of the players but rather by probability distributions.
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