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- We will loosely model the petrol crisis the UK has recently experienced as a game. Start with a two-player case. Assume that there are two people living on an island and each person has two actions: keep buying petrol as normal or rush to the petrol station and fill up the tank. When both players buy as normal, the petrol supply would be enough for the two, and hence no single player has any incentives to rush. In fact, when all players keep buying as normal, rushing unilaterally will incur a small cost (e.g. one has to give up their normal routine, go to the gas station with half full tanks etc.). If one player rushes, however, the other has incentives to do so too, for waiting when the other player rushes results in the worst outcome for the player who waits. Create a game using this scenario assuming that players decide simultaneously. Assign payoffs for all possible strategy combinations, carefully arguing and justifying why you assigned a particular payoff to a particular strategy…Answer the imageIn the sequential games such as the sequential Battle of the Sexes, why does the Nash equilibrium allow for outcomes with noncredible threats?
- need help on question 7-13In a situation where you have a strong neighbor, as a country, do conventional weapons offer an effective deterrence? Explain through different models available within the game theory. Establish the rules of the game and find the equlibrium through the game theory models.Consider the game with the payoffs below. Which of the possible outcomes are MORE efficient than the Nash Equilibrium (NE)? Note, they do NOT need to be Nash equilibria themselves, they just need to be more efficient than the NE. Multiple answers are possible, but not necessary. You need to check ALL correct answers for full credit. JILL High Medium LowMAGGIE Left 3,4 2,3 2,2Center 4,8 9,7 8,7Right 7,6 8,5 9,4Group of answer choices (Left, Low) There is no strategy combination that is more efficient than the Nash equilibrium for this game. (Right, Medium) (Left, High) (Center, Medium) (Center, High) (Center, Low) (Left, Medium) (Right, Low) (Right, High)
- 10. Here's another game that has interested researchers, especially those of the type who work in the Max Gluskin House on campus at UofT. It's also a two-player game, but this time the payment is integral to describing the game. There is no direct Researcher involvement in the game, other than potentially as the source of a payout. For the sake of describing the game, imagine that Anson and Kanav are our two players and that they are playing the game virtually via Zoom for bitcoins, denoted B. There are always two piles of bitcoin in play: a larger one and a smaller one. Ahead of the game Anson and Kanav decide the maximum number 2n of turns, for some n E N greater than or equal to 1. • During the first turn the large pile of bitcoin has 4 Band the smaller pile of bitcoin has 1 B. Anson can either take the bitcoin or pass. If Anson (4 B) takes the bitcoin he gets the larger pile, Kanav gets the smaller pile (1 B) and the game ends. If he passes, the size of each pile is doubled. • Now…We have two players A and B, where A can go L or R, and B can go T, B or R. The payoffs are decided after this. The best description of such games is: Select one: a. Dominant strategies. b. Simultaneous moves. c. Sequential moves. d. Backward induction.Answer to the image?
- Define game theory.“To be or not to be, that is the question.” Imagine that in answering this question Hamlet had the following data to consider. Hamlet must choose either “To Be” or “Not to Be.” If Hamlet chooses “To Be” then his enemy the King will make a decision to either “Kill” Hamlet or let him “Live.” If Hamlet is killed by the King his payoff in this game is 200 since he will have been killed by the King who is his uncle and who also killed Hamlet’s father, the King’s brother, who was the prior king. If the King decides to let Hamlet Live then Hamlet will be able to avenge his father’s death and his payoff will be +300. Hamlet also considers suicide an option but given the uncertainty of the afterlife if he chooses not to be then his payoff is +100 since his doesn’t what the afterlife holds for one who kills himself. Draw the complete game tree for this situation. Be sure to accurately label the tree and include the payoffs. Assume Hamlet will choose the course of action that offers the highest…Hello, please help me to solve this Game Theory question. Thanks in advance! Hobby hunter Jack decides what to do the next weekend. He can either stay at home and watch movies (Movies), or call his friend Katherine to go hunting (Hunt). If he stays in, both Jack and Katherine get a payoff of 2. If he decides to hunt, he knows the situation with his friend will resemble a classic stag hunt game with simultaneous moves: Hunting a stag is better than hunting a rabbit, but it only works if they cooperate. The hunting subgame is captured as: Katherine Stag Rabbit Jack Stag 3 , 3 0 , 1 Rabbit 1 , 0 1 , 1 Draw the entire game as an extensive form (game tree), capturing both Jack’s initial decision (M or H) and the subsequent hunting game. Make sure to correctly label all players, actions, and information sets.
