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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Answered: of 10 players are each choosing a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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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
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.
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.
when selecting the lineup for relays, teams start with the slowest runner and finishwith the fastest. In Beijing 2008, Jamaica were the hot favorites to win the 4 X 100 since theUK and USA were disqualified in the semis. Moreover, Usain Bolt came into the lineup. Thisleft the Jamaicans to make a key decision: Which position should they run Bolt? Look at thesplits both Bolt and Asafa Powell had and mention which position each runner should havecome in in race time.
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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.