EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
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Question
Chapter 13, Problem 9Q
To determine
Translation of concepts like Nash equilibria, pay-off matrices and dominant strategies in real life.
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- Come up with a diagram (i.e. using a two-player decision matrix such as the Prisoner’s Dilemma) for an original game theory/prisoner's dilemma scenario (either in business, politics, or your own personal life), and explain what would be the most likely outcome of the scenario you have chosen.arrow_forwardRock-paper-scissors is a game in which players typically use mixed strategies. Can you think of other examples? What are some of the characteristics of games that usually involve playing mixed strategies?arrow_forwardNash equilibrium refers to the optimal outcome of a game where there is no incentive for the players to deviate from their initial strategy. An individual (or player) can receive no incremental benefit from changing actions, assuming other players remain constant in their strategies. Given this premise, can there be a no Nash equilibrium?arrow_forward
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- Use the following normal-form game to answer the following questions. a. For what values of x is strategy D (strictly) dominant for player 2? b. For what values of x is strategy B (strictly) dominant for player 1? c. For what values of x is (B, D) the only Nash equilibrium of the game?arrow_forwardUse the following normal-form game to answer the questions below. Player 1 (B.C) (B.D) (A.C) (A.D) Strategy A B a. Identify the one shot Nash equilibrium. 60, 60 30, 130 Yes Player Z D 130, 30 80, b. Suppose the players know this game will be repeated exactly three times, Can they achieve payoffs that are b shot Nash equilibrium?arrow_forwardThis question is about game theory in economics. please show all your workings and answersarrow_forward
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