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Find a situation from everyday life and model it as a strategic game. Then, find Nash equilibria and present your findings.
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- Why would a firm in oligopoly market structure find game theory a useful tool to employ when making decisions?Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $Two friends are deciding what activity to do on Saturday when they meet up. The following table shows the payoff matrix that represents the strategic interaction between them in a one-shot, simultaneous game. Select all the correct answers. Friend A Restaurant Cinema There is more than one Nash equilibrium Restaurant 10, 10 Friend B 4,7 Cinema 7,4 8,8
- Game Theory Consider the entry game with incomplete information studied in class. An incumbent politician's cost of campaigning can be high or low and the entrant does not know this cost (but the incumbent does). In class, we found two pure-strategy Bayesian Nash Equilibria in this game. Assume that the probability that the cost of campaigning is high is a parameter p, 0 < p < 1. Show that when p is large enough, there is only one pure-strategy Bayesian Nash Equilibrium. What is it? What is the intuition? How large does p have to be? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Evaluate this statement All Nash equilibra are dominant strategy equilibria but not all dominant strategy equilibria are Nash EquilibriaDescribe the game and find all Nash equilibria in the following situation: Each of two players chooses a non-negative number. In the choice (a1, a2), the payoff of the first player is equal to a1(a2 - a1), and the payoff of the second player is equal to a2(1 – a1 – a2).
- Superstore (S) and Megastore (M) are two competing discount supermarkets. If neither store advertises, S makes $115 in profits and M makes $165. If both stores advertise, S makes $80 and M makes $95. If M advertises and S does not, they make $305 and $55 respectively. If S advertises and M does not, they make $285 and $65 respectively. Based on Game Theory, what will the two firms do? Hint: illustrate the Nash equilibrium to support your answer.Find the Nash equilibrium strategy and payoff in this simultaneous game. Show your work. Firms can collude (C) or not collude (NC) and their profits in millions are as follows. Please see attached.Tinky Winky and Dipsy both choose to play an action, and the payoff from that choice is dependent on what the other player chooses. Both players choose their actions simultaneously and reveal their choice to each other at the same time. Tinky-Winky Jump Punch Tinky-Winky gets payoff Tinky-Winky gets payoff Kick Dipsy Dipsy gets payoff Dipsy gets payoff Tinky-Winky gets payoff Tinky-Winky gets payoff Duck 4. Dipsy gets Dipsy gets payoff payoff 10 Which of the following statements is true? O This game does not have any Nash equilibria. O There is more than one Nash equilibrium in this game. O The only Nash equilibrium of this game is Dipsy playing "Kick" and Tinky-Winky playing "Jump" O The only Nash equilibrium of this game is Dipsy playing "Duck" and Tinky-Winky playing "Punch O The only Nash equilibrium of this game is Dipsy playing "Kick" and Tinky-Winky playing "Punch" O The only Nash equilibrium of this game is Dipsy playing "Duck" and Tinky-Winky playing "Jump"
- Q3. Two ice cream trucks operate on a beach and play a simultaneous pricing game. If one of them prices low and the other high it gets all the customers and a pay off of 12 while the other gets zero. If both price high each gets 6, and if both price low each get 5. The best strategy is for both to price high. True/False/Uncertain. Explain.Consider the following Guessing Game. There are n = 10 players simultaneously choosing a number in {1, 2, 3}. The winners are those closest to 1/2 the average guess (they evenly split the prize between the winners if there is more than one). Find the set of rationalizable strategy profiles. Justify your answer. please no handwriting and this course about game theory (topic Rationalizability) answer with all steps, pleaseYour teacher in Principle of Finance class told you that there will be no averaging of the grades or curve grading. It means that students will get the marks they received and there is no adjustment. This also means that every student has a possibility to get A grade because your grade does not depend on the performance of your classfellows. Therefore, Zainab decided to study 3 hours every day regardless of what your classfellows are doing. In the language of game theory what kind of strategy she is using. Please explain your answer.
