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Game Theory:
(prisoner's dilemma) Consider the following 2 x 2 pricing game, where rms choose whether to price High or Low simultaneously. Find the equilibrium in dominant strategies.
(coordination game) Consider the following 2 x 2 coordination game, where two rms (Firm A and Firm B) simultaneously choose product standard A or B. The payo matrix is given by
Find all Nash equilibria of this game.
(early-mover advantage) Again the two rms play the above coordination game. But now suppose Firm A moves rst. After observing Firm A's choice, Firm B subsequently chooses A or B. Draw the extensive form (game tree) of this game. Use backwards induction to identify the (subgame perfect) equilibrium.
Rules of Snake Eyes (small variation on game called Craps in USA) Player rolls two dice. On the first roll if the total of the dice is 2 (snake eyes): player wins and rece
Explain the financial system terms definitions. The Financial System Definitions: Wealth It is sum of Current Savings and Accumulated Savings Financial asset P
GAME PLAYING IN CLASS GAME 1 Adding Numbers—Win at 100 This game is described in Exercise 3.7a. In this version, two players take turns choosing a number between 1 and 10 (inclus
This chapter introduces mixed strategies and the methods used to solve for mixed strategy equilibria. Students are likely to accept the idea of randomization more readily if they t
One charm of evolutionary game theory is that it permits for relaxation of the normal fully-informed rational actor assumption. People, or agents, are assumed to be myopic, within
An auction during which bidders simultaneously submit bids to the auctioneer while not information of the number bid by different participants. Usually, the very best bidder (or lo
Computer Game Zenda This game was invented by James Andreoni and Hal Varian; see their article, "Pre-Play Contracting in the Prisoners 'Dilemma".The paper also contains some co
Games with Sequential Moves Most students find the idea of rollback very simple and natural, even without drawing or understanding trees. Of course, they start by being able to
Scenario The hawk-dove game is additionally commonly called the sport of chicken. 2 hooligans with one thing to prove drive at one another on a slender road. The primary to swer
GAME Adding Numbers—Lose If Go to 100 or Over (Win at 99) In the second ver- sion, two players again take turns choosing a number be- tween 1 and 10 (inclusive), and a cumulati
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