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There are n ≥ 3 doctors who have created a partnership. In each period, each doctor decides how hard to work. Let eti denote the effort chosen by doctor i in period t, and assume that eti can take 1 of 10 levels: 1, 2, ..., 10. The partnership's profit is higher when the doctors work harder. More specifically, total profit for the partnership equals twice the amount of total effort:Profit=2×(et1 +et2 +...+etn)A doctors payoff is an equal share of the profits, less the personal cost of effort,which is assumed to equal the amount of effort; thus,Doctor i's payoff = (1/n) × 2 × (et1 + et2 + ... + etn) - etiThis stage game is infinitely repeated, where each doctors payoff is the present value of the payoff stream and doctor is discount factor is δi.?a. Assume that the history of the game is common knowledge. That is, in period t, the past choices of effort for all doctors over periods 1, ..., t - 1 are observed. Derive a subgame perfect Nash equilibrium in which each player chooses an effort e∗ > 1. (Take e∗ > 1 as a constant.)b. Assume that the history of the game is not common knowledge. In period t, only the total effort (eτ1 +eτ2 +...+eτn), in period τ is observed by all players (for all τ ≤ t-1). (By the assumption of perfect recall, a player knows his own past effort, but you can ignore that information.) Find a subgame perfect Nash equilibrium in which each player chooses an effort e∗ > 1. (Take e∗ > 1 as a constant.)
q.youre the manager of global opportunities for a u.s. manufacturer who is considering in europe expanding sales. as
Calculate deadweight loss if U.S. imposes a tariff of 25 cents per bottle of imported wine.
Given the scenario, your role and the information provided by the key players involved, it is time for you to make a decision.
q1. what is your thought about tracking the u.s. economy and unemployment and inflation?q2. in 2003 taobao.com launched
Assume a bank faces a required reserve ratio of 5 percent. If a bank has $200 million of checkable deposits and $15 million of total reserves, then how large are the bank's excess reserves?
Show what would in the market for unskilled labor if Congress were to raise the federal minimum wage to $9.00 per hour. The value of the Syrian pound has dropped
Would you suggest that the Brown Shoe Company cut its costs in order to increase its revenue.
The amount of money generated in a week can be viewed as a random variable with a mean of $700 and a standard deviation of $130. Find mean and standard deviation of an employee's total pay in a week.
What are the advantages and disadvantages to a two-stage approach to negotians? Why do most negotiations for globl environmental regimes end up taking a two-stage approach?
part a1. russian farmers again have a poor crop. their government has announced that they will not ban exports. this
Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25 using this exponential smoothing method, what is forecast for Whopper sandwich demand for Friday.
If you were boarded on an airplane that had already started taxing for takeoff when the plane suddenly stopped and turned around and the passengers were told to exit immediately because the airplane had gone out of business, and they were left str..
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