(REAL-WORLD APPLICATION) We practice this because it is a very valuable skill to be able to summarize real world situations as games). Choose a strategic situation from your life and summarize it as a two player game. a. Make sure you specify the players, their strategies, the timing, and the payoffs. b. Solve the game using dominance and Nash equilibria.

(REAL-WORLD APPLICATION) We practice this because it is a very valuable skill to be able to summarize real world situations as games). Choose a strategic situation from your life and summarize it as a two player game. a. Make sure you specify the players, their strategies, the timing, and the payoffs. b. Solve the game using dominance and Nash equilibria.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter14: Transaction Costs, Asymmetric Information, And Behavioral Economics

Section: Chapter Questions

Problem 1.2P

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