What are Nash Equilibria in the following game? Select all that apply. Pizza Jazz 7 meats Seafood Jazz Veggie 14,7 9,8 9,8 Tasty Pizza BBQ 18, 11 7,12 18, 12 Prawn 20,7 9,9 18,9 O (Veggie, 7 meats) O(Veggie, Seafood) O (Veggie, Jazz) (BBQ, 7 meats) O (BBQ, Seafood) O (BBQ, Jazz) O (Prawn, 7 meats) O (Prawn, Seafood) O (Prawn, Jazz) (9,8) (18,12) O (20,7)

What are Nash Equilibria in the following game? Select all that apply. Pizza Jazz 7 meats Seafood Jazz Veggie 14,7 9,8 9,8 Tasty Pizza BBQ 18, 11 7,12 18, 12 Prawn 20,7 9,9 18,9 O (Veggie, 7 meats) O(Veggie, Seafood) O (Veggie, Jazz) (BBQ, 7 meats) O (BBQ, Seafood) O (BBQ, Jazz) O (Prawn, 7 meats) O (Prawn, Seafood) O (Prawn, Jazz) (9,8) (18,12) O (20,7)

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter15: Strategic Games

Section: Chapter Questions

Problem 4MC

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on 8.1 Consider the following game: Player 1 A C D 7,6 5,8 0,0 Player 2 E 5,8 7,6 1, 1 F 0,0 1,1 4,4 a. Find the pure-strategy Nash equilibria (if any). b. Find the mixed-strategy Nash equilibrium in which each player randomizes over just the first two actions. c. Compute players' expected payoffs in the equilibria found in parts (a) and (b). d. Draw the extensive form for this game.
Roger and Rafael play a game with the following rules. Roger is given $250 to divide between himself and Rafael. Rafael does not get to choose but he can reject Roger’s offer if he does not like it. If Rafael rejects, both get nothing. If Rafael accepts, both get the split that Roger decided. a. What is this game called? b. Find all Nash equilibria for this game. c. When this game is played in the real world, do the predictions in part 1b materialize? Why/why not? d. Are all Nash equilibria in part 1b Pareto Optimal? Explain
UNIT 9 CHAPTER 5 In a gambling game, Player A and Player B both have a $1 and a $5 bill. Each player selects one of the bills without the other player knowing the bill selected. Simultaneously they both reveal the bills selected. If the bills do not match, Player A wins Player B's bill. If the bills match, Player B wins Player A's bill. Develop the game theory table for this game. The values should be expressed as the gains (or losses) for Player A. Is there a pure strategy? Why or why not? Determine the optimal strategies and the value of this game. Does the game favor one player over the other? Suppose Player B decides to deviate from the optimal strategy and begins playing each bill 50% of the time. What should Player A do to improve Player A’s winnings? Comment on why it is important to follow an optimal game theory strategy.
Find all Nash equilibria in the next game
. Find the Nash equilibrium of the following modified Rock-Paper-Scissors game: • When rock (R) beats scissors (S), the winner’s payoff is 10 and the loser’s payoff is −10. • When paper (P) beats rock, the winner’s payoff is 5 and the loser’s payoff is −5. • When scissors beats paper, the winner’s payoff is 2 and the loser’s payoff is −2. • In case of ties, both players receive 0 payoff. You are suposed to create a system of equations and then solve for them and find 3 probabilities- please show how to do that
Consider the game of Chicken in which each player has the option to “get out of the way” and “hang tough” with payoffs: Get out of the way Hang tough Get out of the way 2,2 1,3 Hang tough 3,1 00 a. Find all pure strategy Nash equilibria, if they exist b. Let k be the probability that player 1 chooses “hang tough” and u be the probability that player two chooses “hang tough.” Find the mixed stragety Nash equilibria, if they exist
Q, Please sold the Unique baysian Nash equilibrium and the mixed strategy nash equilibrium p1/p2 u n a 8,8 8,2 b 0,8 10,10 c 8,8 9,2
Husband and wife want to spend Friday evening at cinema. They can watch the same movie, or different ones. They choose between two movies: “Heroes of War” and “Loving Stranger”. If they go to the same movie, they both feel satisfaction: in the case they watch “Heroes of War” husband’s satisfaction is higher, but in case they watch “Loving Stranger” wife’s satisfaction is higher. If they decide to watch different movies they feel no satisfaction at all. Help them to make the best decision (in terms of game theory – find Nash equilibrium).
HBO and Showtime are both evaluating a new TV show. They could produce either a romantic comedy or a crime drama. The below table represents profits for each outcome. a. Do you agree with following statements? Explain your answers. i. If HBO chooses to produce a romantic comedy, then Showtime’s best response is to produce a crime drama. ii. Showtime’s best response is to always produce a romantic comedy. iii. best response is to always produce a romantic comedy. b. What is the Nash equilibrium in this game?
10 1. Consider the game where initially She chooses between "Stay Home" and "Go Out". If She chooses "Stay Home" then She gets 2 and He gets 0. If She chooses "Go Out" then they each simultaneously choose "Movie" or "Concert" where the payoffs are 0,1 or 3 as in the Battle of the Sexes Game. What are the subgame perfect Nash Equilibria of this game ?