O 100.10 O 60.20 O 75.15 O 80.30 Question 26 Figure 1: Sequential Games) Use backwards induction to find the outcome of this game if Saudi Arabia goes first. Strategies for each player are choose a high or low level of oil output. Saudi Arabia high Nigeria Nigeria high low 100 75 60 Saudi Arabia Nigeria 80 10 15 20 30

O 100.10 O 60.20 O 75.15 O 80.30 Question 26 Figure 1: Sequential Games) Use backwards induction to find the outcome of this game if Saudi Arabia goes first. Strategies for each player are choose a high or low level of oil output. Saudi Arabia high Nigeria Nigeria high low 100 75 60 Saudi Arabia Nigeria 80 10 15 20 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Consider the following game matrix. Player A Answer: Top Bottom Left a, b e, f Player B Right c, d g, h (a) If top and left are strictly dominant strategies, then what do we know the relationship of the parameters? (b) If (top, left) is a Nash equilibrium, then what do we know the relationship of the parameters? Answer: (c) If top and left are strictly dominant strategies, will (top, left) be a Nash equilibrium? Why? Answer: (d) If (top, left) is a Nash equilibrium, must the strategies be strictly dominant strategies? Why? Answer:
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A 201.