The text suggests that a business and its managers can put a process in place to require the ethical considerations are considered on a business decision, that go beyond the minimum acceptable .business ethics standard. This is called a corporate code of honor. O True O False
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- Poker players are known to bluff once in a while, meaning that they will make a large bet despite holding inferior cards in an effort to pressure other players to fold their hands. Would bluffing be considered a dominant strategy in poker? a) No, because if a player bluffs on every hand, other players will catch on and call his or her bluff. b) No, because bluffing is usually not successful and is therefore considered a secondary strategy. c) Yes, because it usually results in a winning hand. d) Yes, because it is the main strategy used by players.If a doctor knows that an insurance company will pay for most of a patient's bill, the doctor has more of an incentive to require additional medical procedures and tests, even if the patient may not require them. This is an example of O A. adverse selection. O B. the principal-agent problem. O C. asymmetric information. O D. moral hazard.Actual authority is the authoritya partner appears to have to third parties external to the partnership.O. TrueO. False
- Supposing we grant the superiority of free market economic over other economic theories, do you think that ethical egoism ultimately justifies this economic theory? Or does some other ethical theory better justify it? Justify your answer with reasons,.2. The purpose of an ordeal mechanisms is to separate those who truly need assistance fromthose who can support themselves. True, False, or Uncertain? Support your answer with anexplanation (one to two sentences) or a diagram.Kayla and Kevin are friends who go together to a used textbook seller who has two copies ofthe biology book that they both need for their class this semester. The cost to the seller ofacquiring the books was $25 each and no other students will need this book. Kayla states thatshe is willing to pay $40 for the book, while Kevin says he is willing to pay $80. Which ofthe following describes the most likely conclusion to this scenario? Group of answer choices The seller will sell the books to both Kayla and Kevin for $40 each because if they tried tocharge Kevin a higher price, Kayla would engage in arbitrage. The seller will sell one book to Kayla for $40 and one book to Kevin for $80 because thismarket meets all three requirements for price discrimination. The seller will sell the books to both Kayla and Kevin for $80 each because Kevin's highervalue exceeds Kayla's willingness to pay. The seller will sell the books to both Kayla and Kevin for $25 each because that is howmuch the…
- a) What is the pure strategy Nash equilibrium outcome if there is one? (solved)b) Is this a socially optimal outcome? If not, which outcome is preferred? (solved)c) Do all three solution approaches for simultaneous games work independently (not together)? If not, which do not? (solved) d) Draw the game as a game tree (extensive form). (to be solved)e) Switch the payoffs in cells (A, A) and (D, D). What is the pure strategy Nash equilibrium outcome if there is one? (to be solved)[Adverse Selection] Each of the two players receives an envelope, in which there is anamount of money that is equally distributed from $0, $1, $2, ..., $100. The amounts in twoenvelopes are independent. After receiving the envelope, each individual can check exactlyhow much money is put in his/her own envelope. Then each player has the option to exchangehis/her envelope for the other individual's prize. The decisions are made simultaneously. Ifboth individuals agree to exchange, then the envelopes are exchanged; otherwise, if at leastone player chooses not to exchange, each individual keeps his/her own envelope and receivesits attached sum of money.a. Model this game as a static Bayesian game (write the normal formrepresentation) and find the Bayesian Nash equilibrium.b. Consider a new game where the probability distribution of money in eachenvelope is changed. The amount is equal to $100 with probability 90%, and is equalto each number in $0, $1, $2, ... ,$99 with probability 0.1%.…Suppose there are two types of people, high risk (H) and low risk (L) with utility function U(c) = c0.5 Each has income (=consumption) of $100. The high risk people are 10% of the population and have a 75% chance of getting cancer in which case their income would be zero. The low risk people are the remainder of the population and have a 25% chance of getting cancer and hence zero income. The private insurance industry is perfectly competitive. (a) Suppose private insurers are able to distinguish the two types. What market price would emerge for each risk type? How much insurance would each type purchase?
- Two staff managers in the ΠBΦ sorority, the house manager (player 1) and kitchen manager (player 2), must select a resident assistant from a poolof three candidates: {a, b, c}. Player 1 prefers a to b, and b to c. Player 2 prefers b to a, and a toc. The process that is imposed on them is as follows: First, the house manager vetoes one of thecandidates and announces the veto to the central office for staff selection and to the kitchenmanager. Next the kitchen manager vetoes one of the remaining two candidates and announcesit to the central office. Finally the director of the central office assigns the remaining candidateto be a resident assistant at ΠBΦ.a. Model this as an extensive-form game (using a game tree). You will need to define theutilities of both players.b. Find the subgame-perfect Nash equilibrium (or equilibria) for this game. Is it unique?c. Now assume that before the two players play the game, player 2 can send an alienatinge-mail to one of the candidates, which would…* Please be advised this is for practice preperation only ** i just really need help on this - I dont undertsand X is an arbitrary number Suppose the stage game was played for 3 rounds. Consider the following strategy: Round 1: play C. Round 2: play C if both players played C in round 1. Otherwise, play E. Round 3: play D if both players played C in rounds 1 and 2. Otherwise, play E.Ignore discounting (that is, δ = 1). Suppose that both players pick the strategy above. What condition on x is needed to make this strategy profile a SPNE? Hint: remember to check for possible deviations separately for rounds 1 and 2.(a) 5 ≥ x(b) 7 ≥ x(c) 9 ≥ x(d) 11 ≥ x(e) 13 ≥ xConsider a small town with two competing restaurants: Doug’s Diner and Betty’s Bistro. There is 1000profit to be made in the market. Each period, the restaurants simultaneously decide whether to offer high orlow quality food. In order to offer high quality food, each restaurant must hire an expert chef, which incursan additional cost of 100. The restaurants split the profit equally if they offer the same quality of food. Ifone restaurant offers high quality food while the other offers low quality food, the high quality restauranttakes four fifths of the profit and the low quality restaurant takes one fifth of the profit.(a) Draw up the normal form game matrix, showing the players, strategies, and payoffs.(b) Determine the Nash equilibrium of this game.(c) Explain how the restaurant owners could both be better off than in the Nash equilibrium if they wereable to cooperate. Is the town as a whole better off or worse off when the firms cooperate? Why or whynot
