Q17. What the information sets in the above game denote? Player 2 does not observe the action of player 1, so he does not know in which decision node he/she is playing at. Player 2 does not observe the precise action of player 1, but he does know that player 1 has played either one between a and b, or one between c and d. Player 2 does not observe the precise action of player 1, but he does know that player 1 has played one between a and c, or one between b and d. Player 2 does not observe the precise action of player 1, but he does know that player 1 has played either one between a and d, or one between b and c. Q18. If we want to describe the above game with a strategic form representation, what would the strategy sets for the three players? Player 1={a, b, c, d} ; Player 2={x, y} Player 1={a, b, c, d} ; Player 2={xx, xy, yx, yy} Q16. Describing games2XPlayer 1Player 2 242X2213 20X342X155SOO

Answered: Q17. What the information sets in the…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Q17. What the information sets in the above game denote?

Player 2 does not observe the action of player 1, so he does not know in which decision node he/she is playing at.
Player 2 does not observe the precise action of player 1, but he does know that player 1 has played either one between a and b, or one between c and d.
Player 2 does not observe the precise action of player 1, but he does know that player 1 has played one between a and c, or one between b and d.
Player 2 does not observe the precise action of player 1, but he does know that player 1 has played either one between a and d, or one between b and c.

Q18. If we want to describe the above game with a strategic form representation, what would the strategy sets for the three players?

Player 1={a, b, c, d} ; Player 2={x, y}
Player 1={a, b, c, d} ; Player 2={xx, xy, yx, yy}

Q16. Describing games
2
X
Player 1
Player 2 2
42
X
22
1
3 2
0
X
3
42
X
15
5
SOO

Expert Solution

Step 1: Describe the game

Game is provided in a extensive form with player 1 starting the game by choosing between (a , b, c, d ). Then player 2 decides whether to choose between (x & y ) .

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