The study of how people make decisions in situations where attaining their goals depends on their interactions with others is called A. game theory. B. Nash equilibrium. C. the prisoners' dilemma. D. dominant strategy equilibrium.
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- What is the Nash Equilibrium in a game? A. A situation where all players cooperate for maximum gain B. A situation where no player can improve their outcome by changing their strategy unilaterally C. A situation where players always choose the same strategy D. A situation where players randomly select strategiesUsing game theory what are some examples in where Nash equilibrium is incorporated?Give one example each to the following statements. Explain your answer. A. A Nash Equilibrium may not be Pareto Efficient. B. There exist mechanisms to induce cooperation in the Prisoner's Dilemma game. C. The pursuit of self-interest without regard for others sometimes leads to outcomes that are socially desirable.
- What is game theory? How does it relate to strategic decision making? What do the phrases dominant strategy and Nash Equilibrium mean as they apply to game theory?Which of the following statements is true? a. In a finitely repeated prisoner’s dilemma, players choose to cooperate in every period. b. None of the other answers is correct. c. In a Nash equilibrium, each player has a dominant action. d. A Nash equilibrium is always characterized by the highest payoffs. e. A subgame perfect equilibrium is a Nash equilibriumHow many sellers/firms is a few? How would you define “strategic decision-making?” How does game theory relate to strategic decision-making?
- Use the following extensive-form game to answer the following questions. a. List the feasible strategies for player 1 and player 2. b. Identify the Nash equilibria to this game. c. Find the subgame perfect equilibrium.A coordination problem usually occurs in situations where there is: a. a unique, but desirable Nash equilibrium b. no Nash equilibrium c. more than one Nash equilibrium d. a unique, secure strategy for both players Only typed answer and don't use chat gptGive an example of a strategic game in which at the Nash equilibrium players play lotteries. Define the game and explain the logic that leads to the equilibrium choices.
- 9. In the game played in the class, "Guess 2/3 of the average", assume there are 3 students, each guesses a number between 0 and 100 (including 0 and 100) simultaneously. The winner will be the one whose number is closest to 2/3 of the average. Which of the following is a Nash Equilibrium for this game? A. Everyone guesses "0" B. Everyone guesses "100" C. One student guesses "0", one guesses "100" and one guesses "50" D. One student guesses "0", one guesses "0" and one guesses "100" E. None of the aboveFind any Nash equilibria in the game below. Firm B Co-operate Don’t co-operate Firm A Co-operate 60 60 0 80 Don’t co-operate 80 0 10 10 a. There is one Nash equilibrium: both firms don't co-operate. b. There are no Nash equilibria. c. There are two Nash equilibria: one firm co-operates and the other firm doesn't co-operate. d. There are two Nash equilibria: (i) both firms co-operate and (ii) both firms don't co-operate.From your own understanding on the concept of “Game Theory”, what can you conclude about the relationship between rules of the game and the outcome that results?