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Suppose two players, A and B, select from three different numbers, l, 2, and 3. Both players get dollar prizes if their choices match, as indicated in the following table.
B
1
2
3
A
10,10
0,0
15,15
(a) What are the Nash equilibria of this game? Which, if any, is likely to emerge as the (focal) outcome? Explain.
(b) Consider a slightly changed game in which the choices are again just n umbers bu t the two cells with (15, 15) in the table become (25, 25). What is the expected (average) payoff to each player if each flips a coin to decide whether to play 2 or 3? ls this better than focusing on both choosing l as a focal equilibrium? How should you account for the risk that A might do one thing while B does the other?
Examine the common price setting strategies of airlines that use game theory. Predict the potential effects of such pricing strategies on the demand for seats, and conclude the resulting impact on the profitability of the airlines
A certain tennis player makes a successful first serve 75% of the time. Assume that each serve is independent of the others. If she serves 5 times, what's the probability she gets:
Which firm produces more in equilibrium? How do the quantities produced in equilibrium change if Firm 1 improves its technology, leading to a slightly lower
We find that the carapace length of that adult male G. mollicoma is normally distributed with mean 18.14mm and standard deviation 1.76mm. Determine and interpret the quartiles for carapace length of the adult male G. mollicoma.
Construct a 3x3 game in which there are two Nash equilibria in pure strategies and the vector of payoffs in both is "worse" than some other vector of payoffs in the game.
Explain to player four why his guess was strictly dominated by another guess - Explicitly check every condition that you need to check to show that s' Pareto dominates s.
What is the dominant strategy and describe the Nash equilibrium or Nash equilibria, Why did they do this? Do you think that Sun Resorts cares about how many airlines will serve the island? Explain.
1. sun resortssun resorts has a hotel on a caribbean island. it recently spent money to lobby the government to build a
Represent the game in normal form and find its Nash equilibria - Draw the best response function for each player using the coordinate system below. Mark Nash equilibria on the diagram.
Construct a 3 x 3 game in which there is only one Nash equilibrium in pure strategies and the vector of payoffs in this equilibrium is "worse" than some other vector of payoffs in the game.
What is the value of the sample proportion p who so they are satisfied with the total cost they pay for their health care? Explain in words what the population parameter p is in this setting.
What is the smallest value of T for which it possible for B and b to be played in the first play of the game, in a subgame perfect equilibrium
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