Game:claim a pile of dimes, Game Theory

GAME 1 Claim a Pile of Dimes


Two players Aand B are chosen. The instructor places a dime on the table. Player A can say Stop or Pass. If Stop, then A gets the dime and the game is over. If Pass, then a second dime is added and it is B’s turn to say Stop or Pass. This goes on to the maximum of a dollar (five turns each). The players are told these rules in advance. Play this game five times in succession with different pairs of players for each game. Keep a record of where the game stops for each pair.  but most students will not have read that far ahead at this stage. Our experience is that the simple, theoretical subgame-perfect equilibrium of immediate pickup is never observed. Most games go to 60 or 70 cents, but you do see the students thinking further ahead. Later pairs learn from observing the outcomes of earlier pairs, but the direction of this learning is not always the same. Sometimes they collude better; sometimes they get closer to the subgame-perfect
outcome.


After the five pairs have played, hold a brief discussion. Ask people why they did this or that. Develop the idea of rollback (or backward induction). Investigate why they did not achieve the rollback equilibrium; did they fail t o figure it out, or did they understand it instinctively but have different objective functions? Don’t prolong the discussion too much;
you’ll want time to get a few other games played.


This game could also be played to motivate the ideas of rollback right before they are covered with the material . If you prefer to cover simultaneous-move games first, then you might want to save this game until after you have completed that material. However, if you are following the order of the material in the book, rollback is likely to be the subject of your lectures within the first two weeks; you could use this game to motivate the following week’s lectures.

Posted Date: 9/27/2012 12:58:37 AM | Location : United States







Related Discussions:- Game:claim a pile of dimes, Assignment Help, Ask Question on Game:claim a pile of dimes, Get Answer, Expert's Help, Game:claim a pile of dimes Discussions

Write discussion on Game:claim a pile of dimes
Your posts are moderated
Related Questions
Scenario The French thinker, Jean Jacques Rousseau, presented the subsequent state of affairs. 2 hunters will either jointly hunt a stag (an adult deer and rather massive meal)

A multiunit auction mechanism for assigning heterogeneous (different) objects. The highest bidder in the first round selects one item among those offered for sale. Then, a second r

(a) Equilibrium payoffs are (1, 0). Player A’s equilibrium strategy is S; B’s equilibrium strategy is “t if N.”   For (a): Player A has two strategies: (1) N or (2) S. P

A type of initial worth auction during which a "clock" initially indicates a worth for the item for sale substantially beyond any bidder is probably going to pay. Then, the clock g

Game Theory: (prisoner's dilemma) Consider the following 2 x 2 pricing game, where rms choose whether to price High or Low simultaneously. Find the equilibrium in dominant s

Scenario The hawk-dove game is additionally commonly called the sport of chicken. 2 hooligans with one thing to prove drive at one another on a slender road. The primary to swer

For the section on dynamic games of competition, you can begin by asking if anyone in the class has played competi- tive tennis (club or collegiate or better); there is usually one

Eighteenth century Dutch mathematician codified the notion of expected utility as a revolutionary approach to risk. He noted that folks don't maximize expected returns however expe

Write two methods for the mouse trap game (using your board created in Assignment 3) and an event handler (another method) to test the two methods. 1. world.raise(item) where

a) Show that A counting proof could be fun(?). But any old proof will do. (Note that the coefficients (1,2,1) in the above are just the elements of the second row of Pas