Reference no: EM131252619
Campaigning Revisited:
Two political candidates are scheduled to campaign in two states, in one in period t = 1and in the other in t = 2. In each state each candidate can choose either a positive campaign that promotes his own agenda (P for player 1, p for player 2) or a negative one that attacks his opponent (N for player 1, n for player 2). Residents of the first-period state do not mind negative campaigns, which are generally effective, and payoffs in this state are given by the following matrix:
In the second-period state, residents dislike negative campaigns despite their effectiveness, and the payoffs are given by the following matrix:
a. What are the Nash equilibria of each stage-game? Find all the purestrategy subgame-perfect equilibria with extreme discounting (δ = 0). Be precise in defining history-contingent strategies for both players.
b. Now let δ = 1. Find a subgame-perfect equilibrium for the two-stage game in which the players choose (P,p) in the first stage-game.
c. What is the lowest value of δ for which the subgame-perfect equilibrium you found in (b) survives?
d. Can you find a subgame-perfect equilibrium for this game in which the players play something other than (P, p) or (N, n) in the first stage?
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What we still need to know is through reflective writing
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Identify main ideas from at least two of the articles
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Explain the potential personal liability to acme fireworks
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What are the nash equilibria of each stage game
: What are the Nash equilibria of each stage-game?- What is the lowest value of δ for which the subgame-perfect equilibrium you found in (b) survives?
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Develop your points in an organized mannerusing paragraphs
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