2 questions refer to the games above. (Fun fact, as an aside: the payoffs reflect the frequencies of the letter pairs formed by the names of the strategies in the English language, per 10,000 words.) iiRow PlayerRow PlayerECONGON4,92106, 60G15, 280,27,2392,4Column PlayerA24, 1816,1Column PlayerA110,031, 3316,140, 181M47, 680,148, 297,2S9,428, 57R169, 13311, 1084,553, 16H35, 111, 49S115, 741, 1728, 5733, 10In game i, if there is a Nash equilibrium in mixed strategies, what is it?O There is none.Every strategy is played with probability 1/2.Row plays O with certainty; Column plays (N, A, S, H) with probabilities (1/2, 1/4, 1/6, 1/12).Row plays (G, O) with probabilities (9/10, 1/10); Column plays (N, S) with probabilities (4/5, 1/5).In general, a Nash equilibrium in mixed strategies requires that ...O Players are risk-averse.Expected payoffs with mixed strategies yield a higher payoff than any possible combination of pure strategies.Each player takes a different action from the one that the other player anticipated.Players get the same expected payoff from any strategy they play with non-zero probability.

Nash equilibrium- The combination of strategy where the equilibrium happens in a game that…

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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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Question

2 questions refer to the games above. (Fun fact, as an aside: the payoffs reflect the frequencies of the letter pairs formed by the names of the strategies in the English language, per 10,000 words.)

ii
Row Player
Row Player
ECON
G
O
N
4,92
106, 60
G
15, 28
0,2
7,23
92,4
Column Player
A
24, 18
16,1
Column Player
A
110,0
31, 33
16,1
40, 181
M
47, 68
0,1
48, 29
7,2
S
9,4
28, 57
R
169, 133
11, 10
84,55
3, 16
H
35, 1
11, 49
S
115, 74
1, 17
28, 57
33, 10
In game i, if there is a Nash equilibrium in mixed strategies, what is it?
O There is none.
Every strategy is played with probability 1/2.
Row plays O with certainty; Column plays (N, A, S, H) with probabilities (1/2, 1/4, 1/6, 1/12).
Row plays (G, O) with probabilities (9/10, 1/10); Column plays (N, S) with probabilities (4/5, 1/5).
In general, a Nash equilibrium in mixed strategies requires that ...
O Players are risk-averse.
Expected payoffs with mixed strategies yield a higher payoff than any possible combination of pure strategies.
Each player takes a different action from the one that the other player anticipated.
Players get the same expected payoff from any strategy they play with non-zero probability.

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