Games to Pass the Time Set up the payoff matrix. You and your friend have come up with the following simple game to pass the time: at each round, you simultaneously call "heads" (H) or "tails" (T). If you have both called the same thing, your friend wins 1 point; if your calls differ, you win 1 point. Bored with the game described above, you decide to use the following variation instead: If you both call "heads," you win 3 points; if you both call "tails," you win 2 points; if your calls differ, then your friend wins 3 points if you called "heads" and 2 points if you called "tails." Friend H T You H T
Games to Pass the Time Set up the payoff matrix. You and your friend have come up with the following simple game to pass the time: at each round, you simultaneously call "heads" (H) or "tails" (T). If you have both called the same thing, your friend wins 1 point; if your calls differ, you win 1 point. Bored with the game described above, you decide to use the following variation instead: If you both call "heads," you win 3 points; if you both call "tails," you win 2 points; if your calls differ, then your friend wins 3 points if you called "heads" and 2 points if you called "tails." Friend H T You H T
Chapter15: Oligopoly And Strategic Behavior
Section: Chapter Questions
Problem 17P
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Games to Pass the Time Set up the payoff matrix.
You and your friend have come up with the following simple game to pass the time: at each round, you simultaneously call "heads" (H) or "tails" (T). If you have both called the same thing, your friend wins 1 point; if your calls differ, you win 1 point.
Bored with the game described above, you decide to use the following variation instead: If you both call "heads," you win 3 points; if you both call "tails," you win 2 points; if your calls differ, then your friend wins 3 points if you called "heads" and 2 points if you called "tails."
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