1 EconomicsA. Two roommates, Jacquie and Therese, are nothome often, so they have less than full interestin cleaning their house. Set up a prisoner'sdilemma type of game where the Nashequilibrium is that neither cleans the place, eventhough the optimal outcome would be that bothclean the place. In each of these games (Parts A,B and C), the two choices are "clean" or "do notclean."B. Two roommates, Thomas and Patty, share ahome. Here the outcome is that both will clean,but each still prefers if the other one does thecleaning. Set up a new prisoner's dilemma typegame that fits this scenario. Find and label theNash equilibrium.C. Two roommates, Oscar and Felix, share anapartment on Park Avenue. Oscar has almost noconcern for neatness, yet the place stays neat.Felix is unlike Oscar. Felix insists on neatness,even if he has to do all of the cleaning himself.Felix would prefer if Oscar also would clean, butwhen Oscar does not clean, Felix will clean upeverything. Set up a new prisoner's dilemmatype of game that fits this scenario and result.Find and label the Nash equilibrium.

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A. Two roommates, Jacquie and Therese, are not home often, so they have less than full interest in cleaning their house. Set up a prisoner's dilemma type of game where the Nash equilibrium is that neither cleans the place, even though the optimal outcome would be that both clean the place. In each of these games (Parts A, B and C), the two choices are "clean" or "do not clean."

A. Two roommates, Jacquie and Therese, are not home often, so they have less than full interest in cleaning their house. Set up a prisoner's dilemma type of game where the Nash equilibrium is that neither cleans the place, even though the optimal outcome would be that both clean the place. In each of these games (Parts A, B and C), the two choices are "clean" or "do not clean."

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter8: Game Theory

Section: Chapter Questions

Problem 8.9P

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