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n the following 3-player game, the payoffs represent the number of years in jail. The equilibrium is ________   Group of answer choices Eric and Ned denies

n the following 3-player game, the payoffs represent the number of years in jail. The equilibrium is ________   Group of answer choices Eric and Ned denies

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In the following 3-player game, the payoffs represent the number of years in jail. The equilibrium is ________

 

Group of answer choices

Eric and Ned denies.

Eric and Tim confess, but Ned denies.

Eric confesses, Ned and Tim deny.

Eric and Time deny, but Ned confesses

Eric Confess Deny Ned Ned Confess Deny Confess Deny Tim Tim 6,6,8 Confess Deny Confess Deny 4, 4, 2 2, 4, 4 6,8,6 4, 2, 4 8, 6, 6
Transcribed Image Text:Eric Confess Deny Ned Ned Confess Deny Confess Deny Tim Tim 6,6,8 Confess Deny Confess Deny 4, 4, 2 2, 4, 4 6,8,6 4, 2, 4 8, 6, 6
Expert Solution
Step 1: Describe the game

There are three players : Eric , Ned , Tim 

Strategy set of Eric =  Strategy set of Ned = Strategy set of Tim = { Confess , Deny }


steps

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