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Question 1:
(Part A) What are the ingredients of a simultaneous-move game? Show (using simple examples) how one might propose a "solution" for such games. Comment on the strengths and weaknesses of your solution concept(s).
(Part B) Document a situation in which game-theoretic analysis explains the out- come, and also a situation in which the outcome deviated from the prediction(s). For the second case, why did the prediction fail?
Question 2:
(Part A) For an auctioneer, does it really matter whether an object is sold via a Dutch auction, a sealed auction, a Vickrey auction, or an open auction? Why or why not? How might your choice of auction format influenced by : (i) the risk aversion of the bidders, (ii) any uncertainty the buyers may have over their valuation, (iii) significant asymmetries in bidder strength ; or (iv) any other factors that you think might be important?
(Part B) Document uses of at least two major auctions formats, and evaluate whether the factors that you mentioned under (i) to (iv) seem to have influenced the choice of auction format.
Verified Expert
Answer to question 1 has the concept of a simple game with examples to show the solutions to simple games using game theory. It also contains an example where game theory correctly predicted the outcome and an example where the game theory failed to predict the outcome. Answer to question 2 lists all the prevalent types of auction and scenarios that make use of a particular type of auction. It also lists the cases where the dutch Auction and the English auction had been used.
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Use the given payoff matrix for a simultaneous move one shot game to answer the accompanying questions.
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