Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20
Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20
Chapter8: Game Theory
Section: Chapter Questions
Problem 8.9P
Related questions
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
![Professor Camara is trying to write a
Game Theory question for the ECON 351
final exam. He would like to construct an
example of a Prisoner's Dilemma game. He
came up with the following table containing
the possible actions and payoffs of players 1
and 2.
However, he is having a hard time trying
to choose a payoff x for each player when both
players play "confess". For this game to be a
good example of a Prisoner's Dilemma game,
the missing payoff x of each player should be
Player 2
Not
Confess
Confess
Confess х
8
"
30
18
"
Player 1
Not
18
30 25
25
"
Confess
(A) x = -10
(B) x = -5
(C) x = 5
(D) x = 15
(E) x = 20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7edc3668-94ef-47b9-b3de-331754d6f146%2F6f9e9186-e633-4423-adbb-4942d2adeb8c%2Fqw16m84_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Professor Camara is trying to write a
Game Theory question for the ECON 351
final exam. He would like to construct an
example of a Prisoner's Dilemma game. He
came up with the following table containing
the possible actions and payoffs of players 1
and 2.
However, he is having a hard time trying
to choose a payoff x for each player when both
players play "confess". For this game to be a
good example of a Prisoner's Dilemma game,
the missing payoff x of each player should be
Player 2
Not
Confess
Confess
Confess х
8
"
30
18
"
Player 1
Not
18
30 25
25
"
Confess
(A) x = -10
(B) x = -5
(C) x = 5
(D) x = 15
(E) x = 20
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