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James and Dean are playing the Chicken game. They have noticed that their payout for being perceived as "tough" depends on the size of the crowd. The larger the crowd, the "cooler" they are when they drive straight and the other driver swerves. A smaller the crowd, of course, has the opposite exact. Let k > 0 represent the payoff to appearing "tough." The game is represented as follows:
Dean D VJames D -10,-10 k,-1 V -1,k 0,0
(a) Expressed in terms of k, what is the probability p_ that each driver plays D in the mixed strategy? Nash Equilibrium of this game?(b) Do James and Dean play D more often as k increases? Explain briefly.(c) In terms of k what is the expected payout each player from the mixed strategy Nash Equilibrium?
Two individuals (i ∈ {1, 2}) work independently on a joint project. They each independently decide how much e ort ei they put. E ort choice has to be any real number between 0 and
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A type of sequential second worth auction during which an auctioneer directs participants to beat the present, standing bid. New bids should increase the present bid by a predefine
Limitations of game theory in finance
1. Two firms, producing an identical good, engage in price competition. The cost functions are c 1 (y 1 ) = 1:17y 1 and c 2 (y 2 ) = 1:19y 2 , correspondingly. The demand functi
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A priori knowledge usually enables us to decide that some coefficients must be zero in the particular equation, while they assume non-zero values in other equations of the system.
A strategy is strictly dominant if, no matter what the other players do, the strategy earns a player a strictly higher payoff than the other. Hence, a method is strictly dominant i
This is Case of Competitive Games. Player 2 L R Player 1 L (60,40) (70,30) R (65,35) (60,40) Are either have dominant st
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