There are two hunters, each trying to bring meat back to their village. The hunters individually choose to either hunt a stag or hunt a They know that if they both choose to hunt a stag, they can kill it and bring back 20 pounds of meat each for the village. They also know that no hunter can kill a stag alone, so that any hunter who pursues a stag without the other will come back to the village empty-handed. A hunter can certainly hunt a rabbit individually. Any hunter who pursues a rabbit will bring back 1 pound of meat for the village.a) Let’s say the hunters go out at the same time without communicating what their plans Represent this one-shot, simultaneous move game using the normal form.b) Is there a dominant strategy for either player? Why or why not?c) What is the (pure strategy) Nash equilibrium in this game? Keep in mind the possibility of multiple Nash Equilibria.d) What is the mixed strategy Nash equilibrium in this game? There are two hunters, each trying to bring meat back to their village. The huntersindividually choose to either hunt a stag or hunt a rabbit. They know that if they bothchoose to hunt a stag, they can kill it and bring back 20 pounds of meat each for thevillage. They also know that no hunter can kill a stag alone, so that any hunter whopursues a stag without the other will come back to the village empty-handed. A huntercan certainly hunt a rabbit individually. Any hunter who pursues a rabbit will bring back1 pound of meat for the village.a) Let's say the hunters go out at the same time without communicating what theirplans are. Represent this one-shot, simultaneous move game using the normal form.b) Is there a dominant strategy for either player? Why or why not?c) What is the (pure strategy) Nash equilibrium in this game? Keep in mind thepossibility of multiple Nash equilibria.d) What is the mixed strategy Nash equilibrium in this game?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There are two hunters, each trying to bring meat back to their village. The hunters individually choose to either hunt a stag or hunt a They know that if they both choose to hunt a stag, they can kill it and bring back 20 pounds of meat each for the village. They also know that no hunter can kill a stag alone, so that any hunter who pursues a stag without the other will come back to the village empty-handed. A hunter can certainly hunt a rabbit individually. Any hunter who pursues a rabbit will bring back 1 pound of meat for the village.

a) Let’s say the hunters go out at the same time without communicating what their plans Represent this one-shot, simultaneous move game using the normal form.

b) Is there a dominant strategy for either player? Why or why not?

c) What is the (pure strategy) Nash equilibrium in this game? Keep in mind the possibility of multiple Nash Equilibria.

d) What is the mixed strategy Nash equilibrium in this game?

There are two hunters, each trying to bring meat back to their village. The hunters
individually choose to either hunt a stag or hunt a rabbit. They know that if they both
choose to hunt a stag, they can kill it and bring back 20 pounds of meat each for the
village. They also know that no hunter can kill a stag alone, so that any hunter who
pursues a stag without the other will come back to the village empty-handed. A hunter
can certainly hunt a rabbit individually. Any hunter who pursues a rabbit will bring back
1 pound of meat for the village.
a) Let's say the hunters go out at the same time without communicating what their
plans are. Represent this one-shot, simultaneous move game using the normal form.
b) Is there a dominant strategy for either player? Why or why not?
c) What is the (pure strategy) Nash equilibrium in this game? Keep in mind the
possibility of multiple Nash equilibria.
d) What is the mixed strategy Nash equilibrium in this game?

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