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(Cohesion in legislatures) The following pair of games is designed to study the implications of different legislative procedures for the cohesion of a governing coalition. In both games a legislature consists of three members. Ini- tially a governing coalition, consisting of two of the legislators, is given. There are two periods. At the start of each period a member of the governing coalition is randomly chosen (i.e. each legislator is chosen with probability 1 ) to propose a bill, which is a partition of one unit of payoff between the three legislators. Then the legislators simultaneously cast votes; each legislator votes either for or against the bill. If two or more legislators vote for the bill, it is accepted. Otherwise the course of events differs between the two games. In a game that models the current US legislature, rejection of a bill in period t leads to a given partition dt of the pie, where 0 dt 1 for i = 1, 2, 3; the governing coalition (the set from which i 2 the proposer of a bill is drawn) remains the same in period 2 following a rejection in period 1. In a game that models the current UK legislature, rejection of a bill brings down the government; a new governing coalition is determined randomly, and no legislator receives any payoff in that period. Specify each game precisely and find its subgame perfect equilibrium outcomes. Study the degree to which the governing coalition is cohesive (i.e. all its members vote in the same way).
What is the present value of a perpetuity that begins payment 10 years from today. The first payment is $1000.
Find the Nash revision strategies for Ann and Bob which form a SGPNE with the δ identified in part (a) - Verify that the strategies found in part (b) do form a SGPNE
Compare the people's comfort in the equilibria of the two games. Suppose that each person cares only about her own comfort. Model the situation as a strategic game. Is this game the Prisoner's Dilemma?
There is 0.02% probability that a credit card holder of a company reports the loss or theft of the credit card each month. The company has 15,000 credit cards in Memphis. Use the Poisson distribution to answer the following questions.
A manufacturer makes ball bearings that are supposed to have a mean weight of 30 g. A retailer suspects that the mean weight is actually less than 30 g. The mean weight for a random sample of 16 ball bearings is 29.5 g. with a standard deviation o..
The quarterly returns for a group of 69 mutual funds with a mean of 2.3% and a standard deviation of 5.9% can be modeled by a normal model. Based on the model N(0.023, 0.059), what are the cut off values for the:
Find a Nash equilibrium in which some citizen does not vote for her favorite candidate, but the action she takes is not weakly dominated.
Figure 10-13 demonstrate the payoff matrix for the only 2-auto dealerships in a community, Jim's Autos and Tim's Autos. The matrix demonstrate the profits that each company would earn from selecting either a low price or a high price.
consider the following game that is played t times. first players move simultaneously and independently. then each
Review the scholarly literature on the relationship between theory and research and the ways research (quantitative and qualitative) can contribute to theory.
Illustrate this game in a game table. Identify any dominant strategies in the game and solve for the Nash equilibrium.
a supplier and a buyer who are both risk neutral play the following game the buyer orders a good of quality q ge0 from
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