15. A total of 10 players are each choosing a number from {0,1,2,3,4,5,6,7,8).If a player's number equals exactly half of the average of the numbers sub-mitted by the other nine players, then she is paid $100; otherwise, she ispaid 0. Solve for the strategies that survive the IDSDS.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a small town with two competing restaurants: Doug’s Diner and Betty’s Bistro. There is 1000profit to be made in the market. Each period, the restaurants simultaneously decide whether to offer high orlow quality food. In order to offer high quality food, each restaurant must hire an expert chef, which incursan additional cost of 100. The restaurants split the profit equally if they offer the same quality of food. Ifone restaurant offers high quality food while the other offers low quality food, the high quality restauranttakes four fifths of the profit and the low quality restaurant takes one fifth of the profit.(a) Draw up the normal form game matrix, showing the players, strategies, and payoffs.(b) Determine the Nash equilibrium of this game.(c) Explain how the restaurant owners could both be better off than in the Nash equilibrium if they wereable to cooperate. Is the town as a whole better off or worse off when the firms cooperate? Why or whynot
5/ Solve the following payoff matrix to find the best strategies and the value of game: BI B2 Al 8 A2 3 5 A3 10 2.
6. Consider the following two-player game: 2 L M U 3,3 2,3 1 M 2,1 3,1 D R 0,2 3,3 0,3 3,0-5, -5 a. Find all pure NE. b. Find a (non-pure) MNE in which player 1 (the row player) plays a pure strategy. c. (Harder Question) Show that there cannot be a CE prescribing that strat- egy D of player 1 (the column player) is played with positive probability.
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Please try to solve it in 30 minute
Consider the following game: Steffi N K 14, 6 7,6 8, 7 Jim 5, 8 8, 8 13, 6 M 1,5 8, -6 6, 6 What is Jim's best response to Steffi playing P? (you can select more than one answer) V a. K O b. M O c. N O d. L V e. 14 O f. 8
What is the SPNE of the following game, where Player 1 moves first and can play A or B, and player 2 moves second and can play X or Y? Player 1 A B Player 2 Y 3,1 2, 3 1, 2 1, 2 >
Which of the following is NOT an example of a coordination game? O deciding whether to grow tomatoes or flowers coordination with customers O deciding whether to use the same technology as others you are connected to interpersonal relationships
What is Ann's maximin strategy? Game Bob L RAnn U 10,-1 4, 4 D 4, 1 8, -1 Select one: a.none of the other answers b.4/7 U + 3/7 D c.2/5 U+ 3/5 D d.2/7 U + 5/7 D e.3/5 U + 2/5 D
Consider the infinite repeated two-player game where at each stage the play- ers play the non-zero-sum game given by A В A (5, 5) (0,7) В (7, 0) | (2, 2) (a) Consider the following strategies: SA: always play A. SB: always play B. • St: play A on the first stage, thereafter copy what the other player did in the preceding stage. Suppose that the total payoff involves a discount factor 8, and that both players are restricted to the pure strategies SA, SB, and sT. Determine the set of d for which (ST, ST) is a Nash equilibrium. (b) Use the one stage deviation principle to determine whether the pair (ST, ST) is a subgame perfect Nash equilibrium for some range of val- ues of 8.
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of 10 players are each choosing a number from {0,1 ver's number equals exactly half of the average of the by the other nine players, then she is paid $100; oth Solve for the strategies that survive the IDSDS.