The type of a player determines that player's payoff function.
2.
A payoff function is a 2-place function of strategy profiles and types.
3.
Observe that the payoff function of Sion and Wolfe's example is clearly not semicontinuous.
4.
If the payoff function " K " is upper semicontinuous, then the game has a value.
5.
Different pricing formulae for various options will arise from the choice of payoff function at expiry and appropriate boundary conditions.
6.
The price of the option the value of the optionality thus reflects the convexity of the payoff function.
7.
In a Bayesian game, one has to specify strategy spaces, type spaces, payoff functions and beliefs for every player.
8.
We can define the payoff function which gives the profit of each firm as a function of the two outputs chosen by the firms.
9.
The payoff functions are generally classified into two categories : ( 1 ) determined by a single day; ( 2 ) determined by a longer period.
10.
P1 is satisfied since the payoff function ensures that the market price is consistent with the outputs supplied and that each firms profits equal revenue minus cost at this output.
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