1.1. What is a game in normal form? What is a strictly dominated strategy in a normal-form game? What is a pure-strategy Nash equilibrium in a normal-form game? 1.2. In the following normal-form game, what strategies survive iterated elimination of strictly dominated strategies? What are the pure-strategy Nash equilibria?
1.1. What is a game in normal form? What is a strictly dominated strategy in a normal-form game? What is a pure-strategy Nash equilibrium in a normal-form game? 1.2. In the following normal-form game, what strategies survive iterated elimination of strictly dominated strategies? What are the pure-strategy Nash equilibria?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![1.1. What is a game in normal form? What is a strictly dominated
strategy in a normal-form game? What is a pure-strategy Nash
equilibrium in a normal-form game?
1.2. In the following normal-form game, what strategies survive
iterated elimination of strictly dominated strategies? What are the
pure-strategy Nash equilibria?
L
C R
T 2.0 1,1 4,2
M
3,4
1,2 2,3
B
1,3 0,2 3,0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38f7aa28-9bca-485c-ae70-c259b2e25621%2Fa614c759-5fcf-469a-a7f4-a8af1c075e61%2Flhdnqd4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1.1. What is a game in normal form? What is a strictly dominated
strategy in a normal-form game? What is a pure-strategy Nash
equilibrium in a normal-form game?
1.2. In the following normal-form game, what strategies survive
iterated elimination of strictly dominated strategies? What are the
pure-strategy Nash equilibria?
L
C R
T 2.0 1,1 4,2
M
3,4
1,2 2,3
B
1,3 0,2 3,0
![$1
1.3. Players 1 and 2 are bargaining over how to split one dollar.
Both players simultaneously name shares they would like to have,
S₁ and 52, where 0 ≤ $1,52 ≤ 1. If $₁ + $2 ≤ 1, then the players
receive the shares they named; if 8₁ + $2 > 1, then both players
receive zero. What are the pure-strategy Nash equilibria of this
game?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38f7aa28-9bca-485c-ae70-c259b2e25621%2Fa614c759-5fcf-469a-a7f4-a8af1c075e61%2Fuhb69l8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$1
1.3. Players 1 and 2 are bargaining over how to split one dollar.
Both players simultaneously name shares they would like to have,
S₁ and 52, where 0 ≤ $1,52 ≤ 1. If $₁ + $2 ≤ 1, then the players
receive the shares they named; if 8₁ + $2 > 1, then both players
receive zero. What are the pure-strategy Nash equilibria of this
game?
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