9. For this question, refer to following stage game that is infinitely repeated: Confess Deny Confess 5,6 8,2 Deny 0,9 3,4 a.) Draw a diagram describing the complete set of vectors of average payoffs for each period that can be supported in SPNE for sufficiently high discount factors. b.) Assuming both that the discount factor is equal for both players, find the minimum discount factor such that both players' cooperation in every period can be sustained as a SPNE along the path of play.

9. For this question, refer to following stage game that is infinitely repeated: Confess Deny Confess 5,6 8,2 Deny 0,9 3,4 a.) Draw a diagram describing the complete set of vectors of average payoffs for each period that can be supported in SPNE for sufficiently high discount factors. b.) Assuming both that the discount factor is equal for both players, find the minimum discount factor such that both players' cooperation in every period can be sustained as a SPNE along the path of play.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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