Player 2 C R T 8, ? 46, 2 Player 1 M 6, 12 5,? 4, 6 B ? ,6 6,8 8,3 Consider the following two-player, simultaneous- move game: a)Complete the payoffs of the game table above so that Column has a dominant strategy. State which strategy is dominant and explain why. (Note: there are many correct answers; pick one that works) b)Complete the payoffs of the game table above so that neither player has a dominant strategy, but also so that each player does have a dominated strategy. State which strategies are dominated

Player 2 C R T 8, ? 46, 2 Player 1 M 6, 12 5,? 4, 6 B ? ,6 6,8 8,3 Consider the following two-player, simultaneous- move game: a)Complete the payoffs of the game table above so that Column has a dominant strategy. State which strategy is dominant and explain why. (Note: there are many correct answers; pick one that works) b)Complete the payoffs of the game table above so that neither player has a dominant strategy, but also so that each player does have a dominated strategy. State which strategies are dominated

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q:3 a,b and c
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the Consider a simultaneous-move integer game between two players: Marilyn and Noah. Each of player is required to announce a positive integer between 1 to 4. In other words, a player can announce 1, 2, 3, or 4. Two players announce their integers simultaneously. Notice that this game is different from the games we learned in class in that each player has four actions to take. The payoffs of the players in the game are specified as follows: (1) when the two announced integers are different, whoever reports the lower number pays $1 to the other player, so that the loser of the game has payoff -1 and the winner of the game has payoff 1; (2) when the two players announce the same integer, their payoffs are both O. What is Marilyn's maximin strategy? 01 02 03 O
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Solve parts 1(d) and 1(e) ONLY
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