Consider the p-beauty contest game.a group of people wrote down a numberbetween 1 and 100.2/3rd of the average of all the numbers wascalculated.Whoever's answer was closest to the value wins.(a) Write down a game representing thissituation. You will have to make someassumptions about the utility of the players.Make sure you state your assumptions explicitly.(b) Which actions are strictly dominated?(c) Which actions are weakly dominated?(d) Suppose that Jim is a student in the class. Jimis rational and thinks that all of his classmatesare cautious and will not play weakly dominatedactions. Based on this information alone, whatcan you conclude about Jim's choice?

Given information Number of players =n chooses between 0 to 100 number Winning is nearest to 2/3 of…

Answered: Consider the p-beauty contest game. a…

Consider the p-beauty contest game. a group of people wrote down a number between 1 and 100. 2/3rd of the average of all the numbers was calculated. Whoever's answer was closest to the value wins.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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