• An engineer has a talent t in {1,2} with equal probability (prob=1/2), and the value of t is private information to the engineer. The engineer's pure strategies are applying for a job or being an entrepreneur and doing a startup. • The company's pure strategies are either hiring or not hiring the engineer. • If the engineer applies for the job and the company does not hire, then the engineer becomes an entrepreneur and does a startup. • The utility of the engineer is t (talent) from being an entrepreneur, and w (wage) from being hired. • The utility of the company is (t-w) from hiring the engineer and 0 otherwise. • These are pictured in the payoff matrices below, with the engineer being the row player and the company being the column player.

• An engineer has a talent t in {1,2} with equal probability (prob=1/2), and the value of t is private information to the engineer. The engineer's pure strategies are applying for a job or being an entrepreneur and doing a startup. • The company's pure strategies are either hiring or not hiring the engineer. • If the engineer applies for the job and the company does not hire, then the engineer becomes an entrepreneur and does a startup. • The utility of the engineer is t (talent) from being an entrepreneur, and w (wage) from being hired. • The utility of the company is (t-w) from hiring the engineer and 0 otherwise. • These are pictured in the payoff matrices below, with the engineer being the row player and the company being the column player.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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