3. Consider a game with the following payoff table for player 1: Strategy Player 2 Player 1 1 2 1 4 6 2 0 -5 3 -2 0 4 -2.5 0 (a) Without eliminating any dominated strategies, use the graphical procedure from the viewpoint of player 1 to, first find the maximin point, then determine the optimal mixed strategy for player 1 according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.) (b) Now eliminate all dominated strategies, if resulting in a 2 x 2 payoff table, use the Oddments Method directly to find the optimal mixed strategies for both players. (c) What is the corresponding value of the game?

3. Consider a game with the following payoff table for player 1: Strategy Player 2 Player 1 1 2 1 4 6 2 0 -5 3 -2 0 4 -2.5 0 (a) Without eliminating any dominated strategies, use the graphical procedure from the viewpoint of player 1 to, first find the maximin point, then determine the optimal mixed strategy for player 1 according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.) (b) Now eliminate all dominated strategies, if resulting in a 2 x 2 payoff table, use the Oddments Method directly to find the optimal mixed strategies for both players. (c) What is the corresponding value of the game?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter8: Game Theory

Section: Chapter Questions

Problem 8.6P

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