Please respond with 2 in text citations, 2 references and at least 200 words. Game theory is associated with analyzing organizational decision-makers’ activities when they make rational decisions, co
Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be
Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. In essence, a simulation. Hence, one important element of an economic model is that it is necessarily subjective in design because there are no objective