Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider a simultaneous-move three-player game where player i, i = 1,2, 3, chooses a
number r; in the range 1 <r; < 2. The payoff functions are
T1 = 1- rı + 2r2 – 3r3
T2 = 1+ r1 +4r2 + 2r3
TT3 = (3 – rị – r2)r3
(This is question 8, page 211 of the text.)
(a) Find all Nash equilibria.
(b) Find all Nash equilibria where no player uses a weakly dominated strategy.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F980098bb-e6b0-4600-b477-acfa40512d18%2Fece985df-30e1-48aa-a70b-85818b89c2bc%2Fcwyyxhk_processed.png&w=3840&q=75)
Transcribed Image Text:Consider a simultaneous-move three-player game where player i, i = 1,2, 3, chooses a
number r; in the range 1 <r; < 2. The payoff functions are
T1 = 1- rı + 2r2 – 3r3
T2 = 1+ r1 +4r2 + 2r3
TT3 = (3 – rị – r2)r3
(This is question 8, page 211 of the text.)
(a) Find all Nash equilibria.
(b) Find all Nash equilibria where no player uses a weakly dominated strategy.
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