1) Consider the following simultaneous-move game, game G1: COLUMN C1 C2 C3 R1 4,4 0, 12 -2, -3 ROW R2 6, 10 5, 5 1, 12 R3 8, 6 -1, -4 -3, 5 1.1) Using formal notation, explain why the table above is a strategic-form representation of game G1 by referring to the elements that comprise a strategic-form representation. [You do not have to give a complete enumeration of the players' utility functions; an example will be sufficient.] 1.2) Enumerate the joint strategy set of this game using formal notation. 1.3) Does the game have a strictly dominant strategy equilibrium? Briefly explain.
1) Consider the following simultaneous-move game, game G1: COLUMN C1 C2 C3 R1 4,4 0, 12 -2, -3 ROW R2 6, 10 5, 5 1, 12 R3 8, 6 -1, -4 -3, 5 1.1) Using formal notation, explain why the table above is a strategic-form representation of game G1 by referring to the elements that comprise a strategic-form representation. [You do not have to give a complete enumeration of the players' utility functions; an example will be sufficient.] 1.2) Enumerate the joint strategy set of this game using formal notation. 1.3) Does the game have a strictly dominant strategy equilibrium? Briefly explain.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter15: Strategic Games
Section: Chapter Questions
Problem 3MC
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