Draw the extensive form of this game

Assignment Help Business Economics
Reference no: EM13998420

There are three players, labeled 1,2 and 3. At the start of the game, players 1 and 2 simultaneously choose between playing “A” and “B”. If they both choose “A” then the game ends and the payoffs are (1, 0, 0) (the order of payoffs is: player 1, 2 and 3). If they both choose “B” then the game ends and payoffs are (0, 1, 0). If one player chooses “A” while the other one chooses “B”, then player 3 must guess which player chose “A” (that is, player 3 must choose between “1” and “2”). Player 3 makes his 2 selection knowing only that the game did not end after the first stage. If player 3 guesses correctly, then he and the player who selected “A” each obtains a payoff of 2, and the player who selected “B” gets a payoff of 0. If player 3 guesses incorrectly, then everybody gets a payoff of 0. Draw the extensive form of this game

Reference no: EM13998420

Questions Cloud

Using the market model to predict equilibrium price-quantity : Based on the NYT article offered below about natural gas fueled long-haul trucking, use the market model (the supply and demand model) to predict what would happen to the equilibrium price and quantity of natural gas, crude oil, and gasoline. After c..
After reading about the history of welfare : After reading about the history of welfare in the USA, describe in your own words how our current welfare system came to be. What are your thoughts about Sweden's welfare system? How would creating a similar system in the USA impact the field of huma..
What is the total accounting cost : Suppose a company incurs the following cost: labor, $600; equipment, $300; and materials, $200. The company owns the building, so it doesn't have to pay the usual $900 in rent. a) What is the total accounting cost? b) What is the total economic cost?..
What is the slope-is it constant or it depends on x : Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?
Draw the extensive form of this game : There are three players, labeled 1,2 and 3. At the start of the game, players 1 and 2 simultaneously choose between playing “A” and “B”. If they both choose “A” then the game ends and the payoffs are (1, 0, 0) (the order of payoffs is: player 1, 2 an..
Draw the extensive-form diagram for strategic setting : Draw the extensive-form diagram for the following strategic setting. There are three people: Amy, Bart, and Chris. Amy and Bart each have two cards, one of which has “K” (for King) written on it and the other has “Q” (for Queen) written on it; that i..
Insufficient condition for preferences to be rational : Transitivity is a necessary but insufficient condition for preferences to be rational. A bundle with u=10 is preferred exactly twice as much as a bundle with u=5
Professional sports : Professional sports and big-league cities go hand in hand. Hosting a professional sports franchise is evidence that a city has arrived per-se – that is not simply a large city but a major league city. Moreover, acquiring or retaining professional spo..

Reviews

Write a Review

Business Economics Questions & Answers

  What is the change in capital-labor ratio in initial period

Suppose an economy has the following per-worker production function: What is the consumption in the initial period? What is the change in the capital-labor ratio in the initial period?

  Inverse market demand curve for this unique product

You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firms’ products are viewed as identical by most consumers. The relevant cost functions are C(Qi) = 4Qi, and the inverse market demand curve for this ..

  How do you calculate the opportunity cost

How do you calculate the opportunity cost for: Mark can produce 50 baseballs in a month and Katie can produce 42 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Mark's opportunity cost..

  Are carls preferences monotonic

Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Draw several indifference curves to illustrate ..

  The return of the stock account is expected

You are planning to save for retirement over the next 35 years. To do this, you will invest $840 per month in a stock account and $440 per month in a bond account. The return of the stock account is expected to be 10.4 percent, and the bond account w..

  What is the trade-off of energy drinks in terms of gasoline

Joseph is granted $50 a week to spend: either on energy drinks at $2.50 each or on gasoline for his car at $4.00 per gallon. Draw Joseph's opportunity set. Label his feasible set. what is the trade-off (opportunity cost) of energy drinks in terms of ..

  How does the federal reserve monetary policy affect

How would you evaluate monetary policy and fiscal policy today?  Is monetary policy contradictory with fiscal policy? Why or Why not?  Support your analysis with examples.

  Policy analysts in the department of natural resources

Policy analysts in the Department of Natural Resources have estimated that the marginal benefits from water pollution abatement are given by the function MB ¼ 0.90 À 0.03A, where A is a measure of the abatement intensity. Determine the optimal level ..

  Industry in their home country

Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country.

  Stereo systems cer bought from stereo manufacturer

CER defaults on its loan payments to Bank One. Can Bank One attach the 100 stereo systems CER bought from Stereo Manufacturer.

  Market demand for product you are considering selling

The market demand for another product you are considering selling is Q(p) = 100 ? ( 1 )p and as the 2. only producer of this product your production costs would be C(Q) = 40Q. Given these market characteristics, what is the Lerner Index equal to (as ..

  The appropriate incentive to increase profits beyond

The owners of a small manufacturing concern have hired a manager to run the company with the expectation that (s)he will buy the company after five years. The goal of the owners in making this hire is to find the appropriate manager that will increas..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd