Question: Determine the set of rationalizable strategies for each of thefollowing games.Player 2Player 2(0, 4)(3, 3)(4, 0)Player 2(2,0)(3, 4)(1,3)(4, 2)(2, 3)(4,0)(3, 3)(0, 4)(1,1)Player 1Player 1(1,2)(0,2) | (3,0)Player 2DD(5, 1) | (0, 2) | Player 1(4, 6)(3, 5)(6, 3)(0, 1)(2,1)Player 2(8, 6)(1,0)(0,8)(8, 2)(0, 1)(2, 6)(5, 1)(4, 4)(1,0)Player 1(6,0)(2,8)DDPlayer 2(8, 10)(6, 4)(2, 2)(0,0)(0,0)(3,3)(4, 1)(8, 5)Player 1Player 1BBPlayer 2Player 2(8, 10)(6, 4)(3, 10)(6, 4)(4, 1)(8, 5)(4, 1)(8, 5)Player 1APlayer 1BB

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Answered: Question: Determine the set of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to Table Left-Right-ZigZag. How many pure strategy Nash equilibria does this game have? Table: Left-Right-ZigZag Player 1 Drive left Driver right Zigzag 1) 1 2) 2 3) 3 4) 4 5) None of the above. Drive left (1,1) (-1,-1) (0,0) Player 2 Driver right (-1,-1) (1,1) (0,0) Zigzag (0,0) (0,0) (0,0)
Consider again the normal form of the Prisoner's dilemma game. Determine any Nash Equilibrium. Player 2 R (-10,-10) (-1,-25) (-25,-1) (-3,-3) C Player 1 R
4) Consider the following payoff matrix: Player 1 Strategy A Strategy B c) Is the payoff matrix symmetric? Player 2 Strategy A Strategy B (0,0) (7,4) (2,2) (3,3) a) Does either player have a dominant strategy? b) Is there one or more Nash Equilibrium? 1
Identify any strictly dominant strategies for the players.
P2: Hawk Dove P1: Hawk -25, -25 50, 0 Dove 0, 50 15, 15 Is the mixed-strategy NE of the above game an evolutionary stable strategy (ESS)? Show your work and explain your answer.
a) Clearly indicate the eliminated dominated strategies. Apply the EIE algorithm, and determine the solution set of the game in normal form. b) Assuming that each player would not choose strategies that are strictly dominated, determine the Nash equilibria of the reduced game J2 (3,1) (4, 2) (2, 0) (0, 4) (1, 5) (3,0) (1, 3) (2, 2) a J1 (4, 1) (2, 5) (2,6) (5, 2)
7
Dizz Cut price Maintain price Perlis Cut price (-1,-1) A (2,-2) B Maintain price (-2,2) (1,1) D Figure 12 Payoff matrix for two firms in oligopoly Two firms, Perlis and Dizz, produce washing powder in a market characterised by oligopoly. Each firm can increase its market share and profits by cutting its price relative to its rival. However if both firms cut prices they both suffer a fall in profit. This situation may be characterised as a game and Figure 12 shows the payoff matrix for this game. Figure 12 also labels each cell in the payoff matrix with a letter, A, B, C or D. Based on the information in the payoff matrix, decide which cells, if any, correspond to a Nash equilibrium. Select one answer. Select one: O There is no Nash equilibrium O D O A O A and D
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(c) Consider the following two-player, zero-sum game: Y1 Y2 X1 -2 8 X2 10 -5 What is the outcome of this game?
Determine all of the Nash equilibria (pure-strategy and mixed-strategy equilibria) of the following game:
3. 1\2 X a b C d 1,2 y 2,2 N 5,1 4,1 3,5 3,3 5,2 4,4 7,0 2,3 0,4 3,0 When player 1 plays d, what is player 2's best response: a) Only x b) Only y c) Only z d) Both y and z

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