Please solve the OPERATION RESEARCH problem with a topic of GAME THEORY as per attached file. Thanks For the following two-person, zero-sum game, are there any dominated strategies? If so, eliminate any dominated strategy and find the value of the gameand the probability.PLAYER Y's STRATEGIESY₁Y₂Y₂PLAYER X'sX₁4510STRATEGIESX₂2342X₂869

In the given game, one player is a payoff maximiser and another player is minimiser for zero sum…

Answered: For the following two-person, zero-sum…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Please solve the OPERATION RESEARCH problem with a topic of GAME THEORY as per attached file. Thanks

For the following two-person, zero-sum game, are there any dominated strategies? If so, eliminate any dominated strategy and find the value of the game
and the probability.
PLAYER Y's STRATEGIES
Y₁
Y₂
Y₂
PLAYER X's
X₁
4
5
10
STRATEGIES
X₂2
3
4
2
X₂
8
6
9

Definition Definition Economic decision-making framework that analyzes how different players optimize their outcomes with given pay-offs corresponding to their available strategies. The assumptions of game theory are: The number of players or competitors are finite/limited; All participants are rational The rules of the game are known to every player; and Each participant has a finite set of actions. A common way in which game theory is presented as an ( m x n ) matrix in which m represents the strategies of row player and n represents the strategies of column player. There are several limitations of game theory: Many businesses have a large number of competitors, and selecting an optimal strategy in these circumstances is difficult; Real-life business operating environments are full of uncertainty and difficult to model as a game theory; and The assumption of rationality and utility maximization isn't always an accurate portrayal of human nature.

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