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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Q3. Explain the concept of mixed strategy and how to calculate the value of game. Also provide a suitable example for mixed strategy. Determine which of the following two-person zero-sum games are strictly determinable and fair. Give the optimum strategies for each player in the case of it being strictly determinable. I. I. a- Player A Player B B1 B2 B3 A1 8 4 A2 5 -1 b. I II II IV V I 4 -2 -2 3 1 A II 1 -1 III -6 -5 -2 -4 4 IV 3 1 -8
12. Consider a game where each player picks a number from 0 to 60. The guess that is closest to half ofthe average of the chosen numbers wins a prize. If several peopleare equally close, then they share theprize. The game theory implies that (A) all players have dominant strategies to choose 0 (B) all players have dominant strategies to choose 30 (C) there is a Nash equilibrium where all players pick 0 (D) there is a Nash equilibrium where all players pick positive numbers 13. Behavioral data in such games suggests that (A) most subjects choose 0; (B) most subjects choose 30; (C) common answers include 30, 15, 7.5, and 0; (D) most subjects use randomization. Can you help me answer number 13 please?
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60B- What is the Nash equilibrium for this game and identify the profit each player gets at this solution 5 m
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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UofC Aggressive Restrained Aggressive 18, 26 29,47 MRU Restrained 45, 59 32, 23 Consider the case of a Sequential-Move game. Uofc moves First Part 1. Is UofC 's sub-game Perfect Nash Equilibrium strategy Aggressive or Restrained? (Answer 1 for aggressive and 2 for Restrained) 1 Part 2. Is MRU's sub-game Perfect Nash Equilibrium strategy Aggressive or Restrained? (Answer 1 for aggressive and 2 for Restrained) Number: Part 3. How much profit does UofC make under the Sub-game perfect Nash-Equilibrium? Number Part 4. How much profit does MRU make under the Sub-game perfect Nash-Equilibrium? Number