(a) Player 1 owns a piece of land and values the land at $10,000. Player 2 is a sub-divider who can develop the land and increase its worth to $20,000. Player 3 is a sub-divider who can develop the land and increases its worth to $30,000. There are no other prospective buyers. (1) Find the characteristic function for this game. (iH) Find and interpret the core of the game.

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Author:Amos Gilat
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(a) Player 1 owns a piece of land and values the land at $10,000. Player 2 is a sub-divider
who can develop the land and increase its worth to $20,000. Player 3 is a sub-divider who
can develop the land and increases its worth to $30,000. There are no other prospective
buyers.
(1) Find the characteristic function for this game.
(i) Find and interpret the core of the game.
Transcribed Image Text:(a) Player 1 owns a piece of land and values the land at $10,000. Player 2 is a sub-divider who can develop the land and increase its worth to $20,000. Player 3 is a sub-divider who can develop the land and increases its worth to $30,000. There are no other prospective buyers. (1) Find the characteristic function for this game. (i) Find and interpret the core of the game.
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