Figure: Prisoners' Dilemma for Thelma and Louise Louise Don't confess Confess Louise gets 5 years Louise gets 2 years Don't confess Theima gets 5 years Theima gets 20 years Louise gets 15 years Louise gets 20 years Confess Theima gets 2 years Theima gets 15 years (Figure: Prisoners' Dilemma for Thelma and Louise) Use Figure: Prisoners' Dilemma for Thelma and Louise. Thelma and Louise are arrested and jailed for murder. Given the payoff matrix in the figure, the optimal (collusive) behavior for Thelma and Louise to minimize their joint sentence is for Thelma and for Louise O to confess; to confess. O not to confess; not to confess O to confess; not to confess. O not to confess; to confess Thelma

Figure: Prisoners' Dilemma for Thelma and Louise Louise Don't confess Confess Louise gets 5 years Louise gets 2 years Don't confess Theima gets 5 years Theima gets 20 years Louise gets 15 years Louise gets 20 years Confess Theima gets 2 years Theima gets 15 years (Figure: Prisoners' Dilemma for Thelma and Louise) Use Figure: Prisoners' Dilemma for Thelma and Louise. Thelma and Louise are arrested and jailed for murder. Given the payoff matrix in the figure, the optimal (collusive) behavior for Thelma and Louise to minimize their joint sentence is for Thelma and for Louise O to confess; to confess. O not to confess; not to confess O to confess; not to confess. O not to confess; to confess Thelma

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 1.3: Erica and Fred's game. Fred Testify Remain silent Testify (-14, –14) (0, – 15) Erica Remain silent (-15,0) (-1, –1) What is the best global outcome, and how many years total prison time does it lead to? Both confess, 14 years in prison Both confess, 28 years in prison Both silent, 15 years in prison Both silent, 2 years in prison
1) Define Cartel and give an example. 2) Thelma and Louise are being charged for a murder/robbery. They are separated by police and interrogated. They are given the choice to confess or not to confess. The payoff matrix below identifies the years that they will each spend in jail, for the various outcomes. Louise Confess Don't Confess Confess (2 10,10 15.2 Thelma Don't Confess 2,15 3,3 a. Identify the Dominant Strategy for either player, or state that there isn't one. Remember, a "Strategy" is the players move. In this example, state "Confess" or "Don't Confess" for each player, not the payoff. b. Identify the Nash Equilibrium.
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An old lady is looking for help crossing the street. Only one person is needed to help her; if more people help her, this is no better. You and I are the two people in the vicinity who can help; we have to choose simultaneously whether to do so. Each of us will get pleasure worth a 3 from her success (no matter who helps her), But each one who goes to help will bear a cost of 1, this being the value of our time taken up in helping. If neither player helps, the payoff for each player is zero. Set up this game in strategic form.
Please show me the correct answer and step, thank you so much for your help
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