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Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20

Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20
Transcribed Image Text:Professor Camara is trying to write a Game Theory question for the ECON 351 final exam. He would like to construct an example of a Prisoner's Dilemma game. He came up with the following table containing the possible actions and payoffs of players 1 and 2. However, he is having a hard time trying to choose a payoff x for each player when both players play "confess". For this game to be a good example of a Prisoner's Dilemma game, the missing payoff x of each player should be Player 2 Not Confess Confess Confess х 8 " 30 18 " Player 1 Not 18 30 25 25 " Confess (A) x = -10 (B) x = -5 (C) x = 5 (D) x = 15 (E) x = 20
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