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Extended minimal effort game

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Consider an extended Minimal Effort Game. There are still two players. Each can choose to exert one of five effort levels. For notation's sake, denote the effort levels as λ ∈ {1, 2, 3, 4, 5}. The cost incurred by a player i is λiκ. The benefit a player receives is min{λ1, λ2}θ. Again, assume θ > κ > 0).

(a) Depict this 2 player 5x5 normal-form game in a matrix.

(b) Solve for the Nash Equilibrium.

Reference no: EM133083362

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