2. Consider the odds and evens game and whose payoff table is shown as below.Player 2 (odd player)2 (fingers)StrategyPlayer 1(even player)1 (finger)2 (fingers)1 (finger)3-4−43(a) Use the graphical procedure described in Sec. 15.4 from the viewpoint of player 1(the evens player) to,first find the maximin point, then determine the optimal mixed strategy for player 1 (the even player)according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.)(b) Use the Oddments Method directly to find the optimal mixed strategies for both player 1 and player 2.(c) What is the corresponding value of the game?

A saddle point is an optimal solution to the game because neither player can improve their…

Answered: Strategy Player 1 (even player) 1…

Business

Economics

Strategy Player 1 (even player) 1 (finger) 2 (fingers) 1 (finger) Player 2 (odd player) 2 (fingers) 3 -4 -4 3

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter13: best-practice Tactics: Game Theory

Section: Chapter Questions

Problem 11E

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Question

2. Consider the odds and evens game and whose payoff table is shown as below.
Player 2 (odd player)
2 (fingers)
Strategy
Player 1
(even player)
1 (finger)
2 (fingers)
1 (finger)
3
-4
−4
3
(a) Use the graphical procedure described in Sec. 15.4 from the viewpoint of player 1(the evens player) to,
first find the maximin point, then determine the optimal mixed strategy for player 1 (the even player)
according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.)
(b) Use the Oddments Method directly to find the optimal mixed strategies for both player 1 and player 2.
(c) What is the corresponding value of the game?

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