Homework Help is Here – Start Your Trial Now!
Business
Economics
QUESTION 35 Bonus: The following question is a football scenario. Although this may be of interest to many of you, knowledge of the sport is uncessesary to answer this question. Althought that is needed is a basic knowledge of game theory. The Patriots are up by 2 points against the Jets with 10 seconds remaining. It is fourth down with fifteen yards to go on the New England 10 yard line. Neither team has any time outs and the coaches need to determine the plays that are most likely to succeed. The Patriots will either decide to punt or fake a punt to convert a first down. If the Patriots convert a first down, they will be able to run out the clock and win the game. If they are able to punt down field without a punt return from the Jets, most of the time will be exhausted. the Jets would be out of field goal range. However, if the Patriots fake a punt and fail to convert a first down, the Jets would easily be able to win the game with a short field goal. At the same time, if the Jets are able to return the punt, they will likely be in range for a long field goal. These screnarios depend on what the Jets decide to do on defense. The Jets can either keep two or three returners deep, or they can play tighter defense to protect the pass. Patriots Punt Fake Punt Guard Pass -2, 2 3,-3 Jets Return Punt 3,-3 -2,2 Patriots will punt if they think that the Jets will guard the pass with greater than 50 percent probability The Jets will return the punt if they think the probability that the Patriots will be punt is greater than 50 percent Patriots will punt if they think that the Jets will guard the pass with less than 50 percent probability

QUESTION 35 Bonus: The following question is a football scenario. Although this may be of interest to many of you, knowledge of the sport is uncessesary to answer this question. Althought that is needed is a basic knowledge of game theory. The Patriots are up by 2 points against the Jets with 10 seconds remaining. It is fourth down with fifteen yards to go on the New England 10 yard line. Neither team has any time outs and the coaches need to determine the plays that are most likely to succeed. The Patriots will either decide to punt or fake a punt to convert a first down. If the Patriots convert a first down, they will be able to run out the clock and win the game. If they are able to punt down field without a punt return from the Jets, most of the time will be exhausted. the Jets would be out of field goal range. However, if the Patriots fake a punt and fail to convert a first down, the Jets would easily be able to win the game with a short field goal. At the same time, if the Jets are able to return the punt, they will likely be in range for a long field goal. These screnarios depend on what the Jets decide to do on defense. The Jets can either keep two or three returners deep, or they can play tighter defense to protect the pass. Patriots Punt Fake Punt Guard Pass -2, 2 3,-3 Jets Return Punt 3,-3 -2,2 Patriots will punt if they think that the Jets will guard the pass with greater than 50 percent probability The Jets will return the punt if they think the probability that the Patriots will be punt is greater than 50 percent Patriots will punt if they think that the Jets will guard the pass with less than 50 percent probability

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

 E1

QUESTION 35 Bonus: The following question is a football scenario. Although this may be of interest to many of you, knowledge of the sport is uncessesary to answer this question. Althought that is needed is a basic knowledge of game theory. The Patriots are up by 2 points against the Jets with 10 seconds remaining. It is fourth down with fifteen yards to go on the New England 10 yard line. Neither team has any time outs and the coaches need to determine the plays that are most likely to succeed. The Patriots will either decide to punt or fake a punt to convert a first down. If the Patriots convert a first down, they will be able to run out the clock and win the game. If they are able to punt down field without a punt return from the Jets, most c the time will be exhausted, the Jets would be out of field goal range. However, if the Patriots fake a punt and fail to convert a first down, the Jets would easily be able to win the game with a short field goal. At the same time, if the Jets are able to return the punt, they will likely be in range for a long field goal. These screnarios depend on what the Jets decide to do on defense. The Jets can either keep two or three returners deep, or they can play tighter defense to protect the pass Jets Guard Pass Return Punt Punt -2, 2 3, -3 Patriots Fake Punt 3,-3 -2,2 Patriots will punt if they think that the Jets will guard the pass with greater than 50 percent probability The Jets will return the punt if they think the probability that the Patriots will be punt is greater than 50 percent Patriots will punt if they think that the Jets will guard the pass with less than 50 percent probability
Transcribed Image Text:QUESTION 35 Bonus: The following question is a football scenario. Although this may be of interest to many of you, knowledge of the sport is uncessesary to answer this question. Althought that is needed is a basic knowledge of game theory. The Patriots are up by 2 points against the Jets with 10 seconds remaining. It is fourth down with fifteen yards to go on the New England 10 yard line. Neither team has any time outs and the coaches need to determine the plays that are most likely to succeed. The Patriots will either decide to punt or fake a punt to convert a first down. If the Patriots convert a first down, they will be able to run out the clock and win the game. If they are able to punt down field without a punt return from the Jets, most c the time will be exhausted, the Jets would be out of field goal range. However, if the Patriots fake a punt and fail to convert a first down, the Jets would easily be able to win the game with a short field goal. At the same time, if the Jets are able to return the punt, they will likely be in range for a long field goal. These screnarios depend on what the Jets decide to do on defense. The Jets can either keep two or three returners deep, or they can play tighter defense to protect the pass Jets Guard Pass Return Punt Punt -2, 2 3, -3 Patriots Fake Punt 3,-3 -2,2 Patriots will punt if they think that the Jets will guard the pass with greater than 50 percent probability The Jets will return the punt if they think the probability that the Patriots will be punt is greater than 50 percent Patriots will punt if they think that the Jets will guard the pass with less than 50 percent probability
Expert Solution
steps

Step by step

Solved in 4 steps with 11 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Simultaneous Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS