Two students simultaneously decide how much time to spend on a joint project. If the times spent are ti and t2, then the value of the project to each player is t1 + t2 - tit2. The cost of time t; to player i is 1/2t; for i = 1,2 , and the payoff of a player is the value of the project minus the cost of effort. Each player's time is a real number between zero and one, i.e., t, E [0,1]. Formulate this problem as a strategic form game. Solve for Nash eq. (Hint: as if a Cournot game) %3D

Two students simultaneously decide how much time to spend on a joint project. If the times spent are ti and t2, then the value of the project to each player is t1 + t2 - tit2. The cost of time t; to player i is 1/2t; for i = 1,2 , and the payoff of a player is the value of the project minus the cost of effort. Each player's time is a real number between zero and one, i.e., t, E [0,1]. Formulate this problem as a strategic form game. Solve for Nash eq. (Hint: as if a Cournot game) %3D

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Description: Two students simultaneously decide how much time to spend on a jointproject. If the times spent are ti and t2, then the value of the project toeach player is t1 + t2 - tit2. The cost of time t, to player i is 1/2t; fori = 1,2 , and the payoff of a p

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Two students simultaneously decide how much time to spend on a joint
project. If the times spent are ti and t2, then the value of the project to
each player is t1 + t2 - tit2. The cost of time t, to player i is 1/2t; for
i = 1,2 , and the payoff of a player is the value of the project minus the
cost of effort. Each player's time is a real number between zero and one,
i.e., t, E [0, 1]. Formulate this problem as a strategic form game. Solve
for Nash eq. (Hint: as if a Cournot game)

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