9. Consider a Variant aF the uitimatum qame we Studicd in classin which players have Fairnes con siderations. The timingOF the qame is vsual. First , Player 1 propaser the split(100 -x, x) OF a hundred dallars to player 2,whereXE [0,10]. Player 2 observes split & decides whether to accept(in which case they recieve Meney according to propased Split)or reject (in Which case they both get žero dollars).ButnoN player i's Utility cquals to her monetary Vility minusthe disutility From unFairness proportion al to the diFferencein Monttary OutcOMes . That is, given a final Split (m. ,m.) keru, (m, ,m.)= m, -B. (m, - m2)*Ui (m. ,ma) = m, - P. (m,-m.)Where Pi ,Pz are parametens of the game indicatihg haw stronglyPlayers care a bout Fairness. Noté that the case wecon sidered corres pends to B, = P2 =0(a) represent this game in Exten sive Form(b) Describe the sets of Strategies oF each player

Given information Utility of player 1: u1 ( m1, m2) = m1 - β1 ( m1 - m2)2 Here β1 parameter which…

Consider a Variant aF the uitimatum qame we Studicd inclass in which players have Fairness considerations. The timing OF the qame is vsual. First , Player 1 propasas the split (100 -x, x) OF a hundred dollars to Player 2,where XE [0,100. Player 2 observes split & decides whtther to accep= in Nhich case they recieve Money accor ding ti proposed Split)

Consider a Variant aF the uitimatum qame we Studicd inclass in which players have Fairness considerations. The timing OF the qame is vsual. First , Player 1 propasas the split (100 -x, x) OF a hundred dollars to Player 2,where XE [0,100. Player 2 observes split & decides whtther to accep= in Nhich case they recieve Money accor ding ti proposed Split)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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