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game theroy, Business Economics

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Q.No2 Read the following situation

Consider the following parlor game to be played between two players. Each player begins with three chips: One red, one white and one blue. Each chip can be used only once. To begin each player selects one of her chips and place it on the table, concealed. Both players then uncover the chips and determine the play off to the winning player. In particular, if both players play the same kind of chip, it is draw; otherwise the following table indicates the winner and how much she received from another player. Next, each player selects one of her two remaining chips and repeats the procedure, resulting in another pay off according the following table. Finally each player plays her one remaining chip, resulting in the third and final payoff.

Winning Chip Pay off ( )
Red beats white 500
White beats blue 400
Blue beats red 300
Matching colors 0

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