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What is a strategy?
In an economy, every individual work to earn wages and live their living. To improve the living standard or to improve productivity, one should prepare a plan in advance before making any decision. Planning allows an individual to recognize the resources that are needed for a specific task and the procedure to organize the resources according to their work when performing a task.
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- Game TheoryWhat is the Nash Equilibrium in a game? A. A situation where all players cooperate for maximum gain B. A situation where no player can improve their outcome by changing their strategy unilaterally C. A situation where players always choose the same strategy D. A situation where players randomly select strategiesGame Theory / Economics
- What is the Decision Rule?Ann and Stella want to watch a movie together this weekend. There are 8 movies playing in theatres on Saturday, and 11 movies playing in theatres on Sunday. Ann first chooses a day - either Saturday or Sunday. Then, knowing the day that Ann picked, Stella chooses one movie from those playing in theatres on that day. How many pure strategies does Stella have?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
- Game Theory I am trying to assign numbers (theoretical)to a game im making. Its about Tipping. Its based on 3 different efforts a server has showed Can you assign numbers to each of these. This is all made up so you can use whatever values they just need to be in regard to the other values. Thanks. I was thinking to start on high effort Tip could be +10 and no tip could be -10 Best and worst scenario. You do high effort service and get tipped and high effort with no tip. ThanksGame Theory Question A non-profit firm is on a local community online donation platform for a community event it wants to hold (only community members can donate via the website). The event will be held only if the non-profit firm collects $20,000 total from members of the community. Each member values the event at $500. Suppose that there are 100 community members. Community members can only donate by purchasing a lottery ticket from the firm. Each ticket costs $200 and only one ticket can be purchased per member. The proceeds will be collected by the firm. The lottery winner gets a premier meal at a local restaurant that's worth $100. Remember, the firm keeps all the donated money. If the amount of donations is less than $20,000, then the firm returns the donated money to the community members (since there'll be no event held but the lottery winner still gets to eat that fancy meal). If the donations sum up to $20,000, the community event will take place. What are the Nash…You have just played rock, paper, scissors with your friend. You chose scissors and he chose paper, so you won. Is this a Nash equilibrium? Explain why or why not.
