How would nash equilibrium differ players were risk averse

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Assignment:

Consider an entry game with 16 players. All players decide independently and simultaneously whether to enter. If no more than 8 players enter, the entrants share (equally) a payoff of £16. If more than 8 players enter, 8 of the entrants are picked at random and these entrants share £16 (each gets £2) while the other entrants lose £5. Non-entrants get zero. Assuming risk neutrality, find a Nash equilibrium. How would the Nash equilibrium differ if players were risk averse?

Reference no: EM133930941

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