strategy. What is the unique Nash equilibrium in (pure) strategies? [This setting.was introduced in a paper by Hotelling in 1929 and is commonly referred to as Hotelling's beach.] 2. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. Is there a dominant strategy for any player? Predict the outcome of this game. player 2 left right player 1 5,1 dn bottom 3,1 2,2 3. Consider the game in the preceding strategic form. Suppose player 1 moves first and player 2 moves after observing player 1's choice. Find the extensive form of this game and solve it by backward induction. Predict the outcome of this game and compare your prediction to the one you made for the simultaneous version of this game. 4. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. Is there a dominant strategy for any player? Predict the outcome of this game. player 2 left right player 1 up bottom 5,1 8,2 2,1 5. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. MacBook Air 000 000 F4 F5 F7 F8 F10 * 24 % L 90 6 V 8 ^ L
strategy. What is the unique Nash equilibrium in (pure) strategies? [This setting.was introduced in a paper by Hotelling in 1929 and is commonly referred to as Hotelling's beach.] 2. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. Is there a dominant strategy for any player? Predict the outcome of this game. player 2 left right player 1 5,1 dn bottom 3,1 2,2 3. Consider the game in the preceding strategic form. Suppose player 1 moves first and player 2 moves after observing player 1's choice. Find the extensive form of this game and solve it by backward induction. Predict the outcome of this game and compare your prediction to the one you made for the simultaneous version of this game. 4. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. Is there a dominant strategy for any player? Predict the outcome of this game. player 2 left right player 1 up bottom 5,1 8,2 2,1 5. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to player 1, the second entry is the one to player 2. MacBook Air 000 000 F4 F5 F7 F8 F10 * 24 % L 90 6 V 8 ^ L
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How to answer questions 2,3 and 4?
![strategy. What is the unique Nash equilibrium in (pure) strategies? [This setting.was
introduced in a paper by Hotelling in 1929 and is commonly referred to as Hotelling's
beach.]
2. Find all Nash equilibria in the following game. The first entry in each cell is the payoff
to player 1, the second entry is the one to player 2. Is there a dominant strategy for any
player? Predict the outcome of this game.
player 2
left right
player 1
5,1
dn
bottom
3,1
2,2
3. Consider the game in the preceding strategic form. Suppose player 1 moves first and
player 2 moves after observing player 1's choice. Find the extensive form of this game
and solve it by backward induction. Predict the outcome of this game and compare your
prediction to the one you made for the simultaneous version of this game.
4. Find all Nash equilibria in the following game. The first entry in each cell is the payoff
to player 1, the second entry is the one to player 2. Is there a dominant strategy for any
player? Predict the outcome of this game.
player 2
left right
player 1
up
bottom
5,1
8,2
2,1
5. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to
player 1, the second entry is the one to player 2.
MacBook Air
000
000 F4
F5
F7
F8
F10
*
24
%
L 90
6 V 8 ^ L](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00209c5d-0115-4271-914f-0e12a90549cd%2F19ff5770-af28-43c6-afee-5f91d09052bd%2Fbq7bl6d.jpeg&w=3840&q=75)
Transcribed Image Text:strategy. What is the unique Nash equilibrium in (pure) strategies? [This setting.was
introduced in a paper by Hotelling in 1929 and is commonly referred to as Hotelling's
beach.]
2. Find all Nash equilibria in the following game. The first entry in each cell is the payoff
to player 1, the second entry is the one to player 2. Is there a dominant strategy for any
player? Predict the outcome of this game.
player 2
left right
player 1
5,1
dn
bottom
3,1
2,2
3. Consider the game in the preceding strategic form. Suppose player 1 moves first and
player 2 moves after observing player 1's choice. Find the extensive form of this game
and solve it by backward induction. Predict the outcome of this game and compare your
prediction to the one you made for the simultaneous version of this game.
4. Find all Nash equilibria in the following game. The first entry in each cell is the payoff
to player 1, the second entry is the one to player 2. Is there a dominant strategy for any
player? Predict the outcome of this game.
player 2
left right
player 1
up
bottom
5,1
8,2
2,1
5. Find all Nash equilibria in the following game. The first entry in each cell is the payoff to
player 1, the second entry is the one to player 2.
MacBook Air
000
000 F4
F5
F7
F8
F10
*
24
%
L 90
6 V 8 ^ L
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