Problem 1Consider the following two-person game:1 2Cea Prsover's DU4, 76,010, 4 11, 5M5, 47,50, 36, 3D3, 125, 1012, 58, 16Use successive elimination of dominated strategies to find the optimal strategies.

From the given game, we can see that possible strategies for player 1 are - U, M and D. For player…

Answered: Problem 1 Consider the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following payoff matrix for a simultaneous-move one-shot game to answer the accompanying questions. Strategy A Player 1 B Player 2 C D E F 19, 4 9, 15 7, 18 11, 13 8, 10 17, 7 12, 15 4, 9 a. What is player 1's optimal strategy? Strategy B Player 1 does not have an optimal strategy. Strategy A b. Determine player 1's equilibrium payoff. 8 *
1
4. Assume a Hawk -Dove game with the following payoff matrix, where the first entry is Animal A's payoff and the second entry is Animal B's payoff: Animal A Hawk (rows)/Animal B (columns) Hawk Dove (-10,-10) (0,20) Dove (20,0) (8,8) An animal that plays Hawk will always fight until it wins or is badly hurt. An animal that plays Dove makes a bold display but retreats if his opponent starts to fight. If two Dove animals meet they share. (a) Explain why there cannot be an equilibrium where all animals act as Doves. (b) Explore whether there are any Nash equilibria in pure strategies and explain which these are and why they are equilibria.
What is the secure strategy for player B in the game presented in Table
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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.
3
(c) Consider the following two-player, zero-sum game: Y1 Y2 X1 -2 8 X2 10 -5 What is the outcome of this game?
3
The hand written is not allowed.
No written by hand solution
12. What is the subgame-perfect outcome from a finitely repeated game? a. Iterated Elimination Outcome played in each stage b. Backwards Induction Outcome played in each stage Nash Equilibrium played in each stage d. Nash Equilibrium in stage 1 only

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Problem 1 Consider the following two-person game: 1 2 A B C D U 4, 7 6, 0 10, 4 11,5 5,4 3, 12 7,5 0, 3 6, 3 5, 10 12, 5 8, 16 Use successive elimination of dominated strategies to find the optimal strategies.