EBK MICROECONOMICS
2nd Edition
ISBN: 8220103679701
Author: List
Publisher: YUZU
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Question
Chapter 13, Problem 8Q
To determine
Situations where a player chooses to play mixed strategy, if dominant strategy is given.
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Students have asked these similar questions
Consider the attached payoff matrix:a. Does Player A have a dominant strategy? Explain why or why not.b. Does Player B have a dominant strategy? Explain why or why not.
In the game presented , does player B have a dominant strategy?
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
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Similar questions
- If the players play pure strategies, the game has no Nash equilibrium. But what if they choose their moves randomly? Let each player instead opt for a mixed strategy instead of a pure strategy. The first will play action Z with probability p, and the second will play action L with probability q. At which pair (p, q) are the mixed strategies of the players in equilibrium? At which pair (p, q) does neither player want to change strategy? When are both strategies simultaneously the best response?arrow_forwardTwo players play the following game for infinite times. For the player to continue to cooperate what would be the ranges of their discount factor, δ_1 and δ_2, respectively? cooperate betray cooperate (10,20) (-25,30) betray (15, -22) (-12, -18)arrow_forwardThe count is three balls and two strikes, and the bases are empty. The batter wants to maximize the probability of getting a hit or a walk, while the pitcher wants to minimize this probability. The pitcher has to decide whether to throw a fast ball or a curve ball, while the batter has to decide whether to prepare for a fast ball or a curve ball. The strategic form of this game is shown here. Find all Nash equilibria in mixed strategies.arrow_forward
- Consider a game with two players (Alice and Bob) and payoffffs Bob Bob s1 s2 Alice, s1 3, 3 0, 0 Alice, s2 0, 0 2, 2 In the equilibrium in the above game, Alice should (A) always choose the fifirst strategy s1; (B) choose the fifirst strategy s1 with probability 40% ; (C) choose the fifirst strategy s1 with probability 50% ; (D) choose the fifirst strategy s1 with probability 60% .arrow_forwardAlice and Bob are playing a repeated game in which a certain stage game is played twice in succession. All behaviour in the first period is observed by both players before the second period commences. In the stage game, Alice has 4 pure strategies and Bob has 3 pure strategies. How many pure strategies does Alice have in the repeated game?arrow_forwardWhat is the secure strategy for player B in the game presented in Tablearrow_forward
- How many strategies does a player have in the repeated Prisoner's Dilemma Game with horizion 2 ? How many strategies does a player have in the repeated Prisoner's Dilemma Game with horizion 3 ?arrow_forwardIn equilibrium, what is the probability that player 1 will use the pure strategy E in this game?arrow_forwardIf a strategy profile is a Nash equilibrium, there is at least one player that could achieve higher payoffs by deviating.(a) True. (b) False.arrow_forward
- Two individuals are bargaining over the distribution of $100 in which payoffs must be in increments of $5. Each player must submit a one-time bid. If the sum of the bids is less than or equal to $100, each player gets the amount of the bid and the game ends. If the sum of the bids is greater than $100, the game ends and the players get nothing. Does this game have a Nash equilibrium? What is the most likely equilibrium strategy profile for this game?arrow_forwardAll players have dominant strategies.true or falsearrow_forwardA strategy is a decision rule that describes the actions a player will take at each decision point. The normal-form game indicates the players in the game, the possible strategies of the players, and the payoffs to the players that will result from alternative strategies. In the game presented in Table Normal-Form Game, does player B have a dominant strategy? What is the secure strategy for player B in the game presented in Table Normal-Form Game?arrow_forward
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