Pure-strategy and mixed-strategy equilibria, Game Theory

Take a news story, old or recent, and analyze it from a game theoretic perspective. Provide a hard copy of the source of your news story and consult relevant game theoretic literature. Make sure to cite your references properly. Model this news story, or a simplified version of it, as a game between two or more players, and write a 2-3 page essay in which you construct and analyze-solve that game. If you make assumptions, state them clearly and justify them. Attempt to explain how you could-should relax these assumptions to make the game more realistic and what kind of results you expect to obtain.

1. Stating your assumptions and justifying them.

2. Identifying the main elements of the game: players, strategies available to each player, payoffs, and the rules of play. In identifying the rules of play, you should clearly state whether it is a simultaneous or dynamic game, a game of perfect or imperfect information, a game of complete or incomplete information, and whether it is a one-shot, finitely-repeated, or infinitely-repeated game.

3. Presentation of the game, using either the strategic form or the extensive form, or both.

4. Analyzing the game and finding the equilibrium. Make sure to choose the appropriate solution concept. Dominant-strategy solution and IEDS are not sufficient. If appropriate, make sure to discuss both pure-strategy and mixed-strategy equilibria.

5. Explaining how you could relax your assumptions and what effects that would have on your solution to the game.

Is it complete?
Is it perfect?
Is it finite?
Is it repeated?
Is it sequential?

Posted Date: 3/12/2013 7:02:13 AM | Location : United States

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