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While grading in a final exam, an economics professor found that two students have virtually identical answers. She is convinced two cheated but cannot prove it. The professor speaks with each student separately and offers the following deal: Sign a statement admitting to cheating. If both students sign the statement, each will receive an "F" for the course. If only one signs he is allowed to withdraw from the couse while the other student is expelled.
If neither signs, both receive a "C" since the professor does not have sufficient evidence to prove cheating.
a) Draw the payoff matrix.
b) Which outcome do you expect? Why?
It costs each company Brokely $3,000 per period to use filters that avoid polluting the lake. However, each company must use the lake's water in production
Describe the meaning of a Nash Equilibrium when companies are competing with respect to price. Explain why is the equilibrium stable?
In the summer ECMBA has a group assignment. Students are assigned to two person groups that have to make a 25 point paper applying game theory to competitive strategy.
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payo s are simply the sum of the payo s in each of the two periods.
Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
A supplier and a buyer, who are both risk neutral, play the following game, The buyer’s payoff is q^'-s^', and the supplier’s payoff is s^'-C(q^'), where C() is a strictly convex cost function with C(0)=C’(0)=0. These payoffs are commonly known.
Assume you are one of two manufactures of tennis balls. Both you and your competitor have zero marginal costs. Total demand for tennis balls is
Suppose you have been offered chance to participate in a Treasure Hunt game whose rules are as follows. There are 3-colored boxes: red, green and yellow.
A worker faces a review every year. He prefers to spend time making if he will be reviewed; otherwise he would prefer to use time somewhere else.
Create the strategic form payoff matrix, Determine the Nash equilibrium, Suppose the interaction is sequential where Holland Sweetener chooses to enter
Firm A and Firm B are the only competitors in market. Each has to decide what price to set for its product. Once prices are set, they cannot be changed for year. Both companies set prices at the same time.
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