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- 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.Question 7 Discuss i) the social dilemma we may observe in the process of the vaccination roll-out and ii) how it can be understood by game theory. To help your discussion, consider individuals who are to choose between two strategies: i) to get vaccinated now and ii) to wait and see. Your discussion must refer to the following: social dilemma prisoner’s dilemma public goods game Nash equilibrium Question 8 Provide a potential solution to the social dilemma you discussed in Question 7. You must cite at least one reputable source from your own research. Use the source(s) to support your argument; do not simply quote the source. Include the full reference at the end of your answer, which will not count towards the word limit. Use a standard referencing system (e.g. Harvard style). Question 9 Evaluate whether your proposed solution is ethically acceptable by using either a consequentialist or a deontological framework. Your discussion must include: the definition of your chosen…Discuss the strengths and weaknesses of game theory in predicting economic outcomes. In your explanations, you are expected to discuss the role of iterated elimination of dominated strategies and Nash equilibria and to provide examples.
- Game theory terminology Select the term that best describes each definition listed in the following table. Definition Nash Equilibrium Dominant Strategy Collusion Tit-for-tat Strategy Payoff Matrix Prisoners' Dilemma Game A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again The event that occurs when agents in a game form an agreement about which strategies to implement A player's best choice, if it exists, regardless of his or her opponent's strategy A case in which individually rational behavior leads to a jointly inefficient outcomeQUESTION 2 Which of the following statements about a Nash equilibrium is not correct? A. For each finite noncoopertiave game there always exists a pure strategy Nash equilibrium. B. A game has at least two players. C. Each player plays a best response to opponents' Nash strategies. D. No player has a profitable unilateral deviation.Samsung and Apple have been in ‘advertisement war’ for many years. Explainthis war in relation to game theory. Do not use hypothetical example for yourexplanation.
- 13. Which of the following games have many Nash equilibria in pure strategies? (A) centipede games; (B) coordination games;( C) prisoner’s dilemma; (D) none of the above. 14. Empirical data suggests that subjects do better than predicted by game theory at (A) signalling and coordination; (B) backward induction; (C) mixing their strategies; (D) none of the above. can you help me answer number 14 please?Which of the following best describes a dominant strategy? Question 4Answer a. The strategy that a player chooses depends on what the other player does b. The strategy that a player chooses minimizes the other player's payoff c. The strategy that a player chooses is independent of what the other player does d. The strategy that a player chooses maximizes joint payoffs for both playersGame Theory Question A non-profit firm is on a local community online donation platform for a community event it wants to hold (only community members can donate via the website). The event will be held only if the non-profit firm collects $20,000 total from members of the community. Each member values the event at $500. Suppose that there are 100 community members. Community members can only donate by purchasing a lottery ticket from the firm. Each ticket costs $200 and only one ticket can be purchased per member. The proceeds will be collected by the firm. The lottery winner gets a premier meal at a local restaurant that's worth $100. Remember, the firm keeps all the donated money. If the amount of donations is less than $20,000, then the firm returns the donated money to the community members (since there'll be no event held but the lottery winner still gets to eat that fancy meal). If the donations sum up to $20,000, the community event will take place. What are the Nash…
- Chess is a _____ game. Question 9 options: Neither a simultaneous and sequential game Sequential game Both a simultaneous and sequential game Simultaneous gameGame theory: Consider a collective action game with thirty individuals (N = 30). When the number of participants in the joint project is n, each individual, including shirkers, receives a benefit of B(n) = 18n and each participant incurs a cost of C(n) = 32 − 2n. 1. Find all of the Nash equilibria, both stable and unstable ones. 2. Find the socially optimal outcome. 3. Check if any of the Nash equilibria is socially optimal. Explain your answer.33. When neither player has a dominant strategy, A) game theory will not provide information.B) no Nash-Equilibrium exists.C) at least one Nash-Equilibrium exists.D) the game cannot be analyzed.
