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What is the pay off matrix for nash equilibrium

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Reference no: EM13190232

a selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and the losing bidders must pay her their bids. so if jones bids $2 and smith bids $1 they pay a total of $3, but jones gets the money, leaving him with a net gain of $98 and smith with $1. if both bid the swame amount , the $100 is split evenly between them. assume that each of them has only two $1 bills on hand, leaving possible bids, $0, $1, or $2. what is the pay off matrix for this game, and the nash equilibrium?

Reference no: EM13190232

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