3. Consider a game with the following payoff table for player 1: Strategy Player 2 Player 1 1 2 1 4 6 2 0 -5 3 -2 0 4 -2.5 0 (a) Without eliminating any dominated strategies, use the graphical procedure from the viewpoint of player 1 to, first find the maximin point, then determine the optimal mixed strategy for player 1 according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.) (b) Now eliminate all dominated strategies, if resulting in a 2 x 2 payoff table, use the Oddments Method directly to find the optimal mixed strategies for both players. (c) What is the corresponding value of the game?

3. Consider a game with the following payoff table for player 1: Strategy Player 2 Player 1 1 2 1 4 6 2 0 -5 3 -2 0 4 -2.5 0 (a) Without eliminating any dominated strategies, use the graphical procedure from the viewpoint of player 1 to, first find the maximin point, then determine the optimal mixed strategy for player 1 according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.) (b) Now eliminate all dominated strategies, if resulting in a 2 x 2 payoff table, use the Oddments Method directly to find the optimal mixed strategies for both players. (c) What is the corresponding value of the game?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Consider a game with the following payoff table for player 1:
Strategy
Player 2
Player 1
1
2
1
4
6
2
0
-5
3
-2
0
4
-2.5
0
(a) Without eliminating any dominated strategies, use the graphical procedure from the viewpoint of
player 1 to, first find the maximin point, then determine the optimal mixed strategy for player 1
according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.)
(b) Now eliminate all dominated strategies, if resulting in a 2 × 2 payoff table, use the Oddments Method
directly to find the optimal mixed strategies for both players.
(c) What is the corresponding value of the game?

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You should show that the best response map gives a fixed-point in symmetric strategies help please
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