Consider a game in which the instructor divides the class into two groups and takes out $8 in quarters (32 quarters). The instructor then puts a quarter into a collection tray and allows those on one side of the room to take the quarter (and somehow divide or allocate it among themselves) or to pass. A pass results in doubling the money (to 2 quarters) and giving those on the other side of the room the option to take or pass. This process of doubling the number of quarters in the tray continues until one side takes the quarters, or until one side's pass forces the instructor to put all remaining coins into the plate, which are then given to the side of the room whose decision would be the next one. Draw a figure that shows the extensive form for this game. Label the players A and B, and show payoffs for each terminal node as an ordered pair: (S for A, S for B). What is the predicted outcome of the game, on the basis of backward induction, perfect rationality, and selfish behavior?

Consider a game in which the instructor divides the class into two groups and takes out $8 in quarters (32 quarters). The instructor then puts a quarter into a collection tray and allows those on one side of the room to take the quarter (and somehow divide or allocate it among themselves) or to pass. A pass results in doubling the money (to 2 quarters) and giving those on the other side of the room the option to take or pass. This process of doubling the number of quarters in the tray continues until one side takes the quarters, or until one side's pass forces the instructor to put all remaining coins into the plate, which are then given to the side of the room whose decision would be the next one. Draw a figure that shows the extensive form for this game. Label the players A and B, and show payoffs for each terminal node as an ordered pair: (S for A, S for B). What is the predicted outcome of the game, on the basis of backward induction, perfect rationality, and selfish behavior?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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