Which of the following is a significant difference in the outcomes between the dictator game and the ultimatum game? Multiple Choice O Self-interest is revealed more strongly in the ultimatum game than in the dictator game. The ultimatum game tends to result in a more even split of the money. There is little difference, as fairness considerations lead to similar splits of the money in both games. The dictator game tends to result in a more even split of the money.
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- True or false? If a game has a Nash equilibrium, that equilibrium will be the equilibrium that we expect to observe in the real world. False. People don’t always act in the way that a Nash equilibrium requires. People don’t always make the necessary calculations and they take into account the outcome of others. False. A Nash equilibrium is based on very strict assumptions that rarely hold in the real world. No real-world situation leads to a Nash equilibrium. True. As long as people are rational and have their own self-interest at heart, real-life games will result in the Nash equilibrium. True. Nash’s theory of equilibrium outcomes was derived from real-world interactions. The theory holds true for almost all real-world scenarios.Game Theory Consider the entry game with incomplete information studied in class. An incumbent politician's cost of campaigning can be high or low and the entrant does not know this cost (but the incumbent does). In class, we found two pure-strategy Bayesian Nash Equilibria in this game. Assume that the probability that the cost of campaigning is high is a parameter p, 0 < p < 1. Show that when p is large enough, there is only one pure-strategy Bayesian Nash Equilibrium. What is it? What is the intuition? How large does p have to be? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Within a voluntary contribution game, the Nash equilibrium level of contribution is zero, but in experiments, it is often possible to sustain positive levels of contribution for a long period. How might we best explain this? A) Participants are altruistic, and so value the payoff which other participants receive, benefiting (indirectly) from making a contribution. B) Participants believe that if they make a contribution, then other participants will be more likely to make a contribution. C) Participants in experiments believe that they have to make contributions in order to receive any payoff from their participation. D) Participants have experience of working in situations in which cooperation can be sustained for mutual benefit and so have internalised a social norm of cooperation
- Consider a modified Traveler’s Dilemma. In terms of strategy options that the players have and the dollars they earn, it is like the standard Traveler’s Dilemma, but the players do not have endless appetite for money. Up to 100 dollars, each dollar feels like a dollar. But any moneybeyond 100 is psychologically like 100 dollars. Assuming that players are maximizers of ‘psychological’ dollars instead of real dollars, describe all the Nash equilibria of this modified Traveler’s Dilemma.Use the following payoff matrix for a one-shot game to answer the accompanying questions. A 5,5 0, -200 B -200, 0 20, 20 Determine the Nash equilibrium outcomes that arise if the players make decisions independently, simultaneously, and without any communication. Which of these outcomes would you consider most likely? Explain. Suppose player 1 is permitted to “communicate” by uttering one syllable before the players simultaneously and independently make their decisions. What should player 1 utter, and what outcome do you think would occur as a result?Consider a game where player A moves first, choosing between Left and Right. Then, after observing player A’s choice, player B moves next choosing between Up and Down. Which of the following is true? This is a game where players A and B have the same number of strategies. Player A will get a higher payoff than player B as A moves first. This is game will only have one Nash equilibrium. This is a game of perfect information.
- At a company, 20 employees are making contributions for a retirement gift.Each person is choosing how many dollars to contribute from the interval[0,10]. The payoff to person i is bi X xi - xi, where bi > 0 is the “warm glow”he receives from each dollar he contributes, and he incurs a personal cost of 1.a. Assume bi < 1 for all i. Find all Nash equilibria. How much is collected?b. Assume bi > 1 for all i. Find all Nash equilibria. How much is collected?c. Assume bi = 1 for all i. Find all Nash equilibria. How much is collected?Now suppose the manager of these 20 employees has announced that shewill contribute d > 0 dollars for each dollar that an employee contributes.The warm glow effect to employee i from contributing a dollar is now bi X(1 + d) because each dollar contributed actually results in a total contribution of 1 + d. Assume bi = 0.1 for i = 1, . . . , 5; bi = 0.2 for i = 6, . . . , 10; bi = 0.25 for i = 11, . . . , 15; and bi = 0.5 for i = 16, . . . , 20.d. What…See the extensive form game in the image attached (the payoffs of player 1 are written on top and the payoffs of player 2 are on the bottom). a) Write this game in normal form (a player's strategy is a complete contingent plan that tells them what to play at each of their information sets) (b) Find all the Nash equilibria of the normal form game from part (a)Each actor has two possible actions: reduce greenhouse-gas emissions or increase emissions. Each player's payoffs for various combinations of actions are shown in the cells: by convention, the row player (EU)'s payoffs are shown first, and the column player (China)'s payoffs are shown second. Based on this matrix, which of the following statements are true? A.The EU is better off reducing its emissions, but only if China also reduces its emissions B. China is better off increasing its emissions, but only if the EU also increases its emissions C.Both China and the EU are better off increasing their emissions, whatever the other player does D.All of the above E.None of the above
- 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? ExplainGame theory can capture strategic situations where your outcome depends not only upon your own choice but also upon the choice of another. Present a coordination game of your choice where you and another player each have two choices or strategies. Explain in words the Nash Equilibrium concept, and identify the Nash equilibrium or Nash equilibria for your game. Explain why the outcomes that are not Nash equilibria are not.For the operating system game, let us assume Windows is more superior than Mac intrinsically and that network effects are stronger for Macs. These modifications are reflected in different payoffs. Now, the payoffs from adopting Windows is 30 + 10 × w and from adopting Mac is 20 × m. n consumers are simultaneously deciding between Windows and Mac, where n > 10. (a) Is there a Nash equilibrium in which everyone buys Windows? Explain your answer. (b) Is there a Nash equilibrium in which everyone buys Mac? Explain your answer. (c) Is there a Nash equilibrium in which some consumers buy Windows and some consumers buy Mac? Explain your answer.