Consider the following 3 person color game between Hillary, Ivanka, and Michelle. Each player can choose either Red or Blue. The payoffs for these choices are shown below. The first payoff in each cell is for Hillary, the second payoff is for Ivanka, and the third payoff is for Michelle.Michelle Red Ivanka RedIvanka BlueHillary Red1, 1, 51, 2, 1Hillary Blue2, 1, 22, 2, 2Michelle Blue Ivanka RedIvanka BlueHillary Red6, 6, 62, 10, 2Hillary Blue7, 1, 33, 2, 3Assume this game is only played one time. Determine whether each player has dominant strategy and the Nash equilibrium outcome to the game.Circle the correct answer.:The dominant strategy for Hillary is: Red Blue NoneThe dominant strategy for Ivanka is: Red Blue NoneThe dominant strategy for Michelle is: Red Blue NoneThe Nash equilibrium outcome to the game is:1, 1, 52, 2, 26, 6, 62, 10, 27, 1, 33, 2, 3None of the above

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Answered: Consider the following 3 person color…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter15: Oligopoly And Strategic Behavior

Section: Chapter Questions

Problem 17P

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Consider the following 3 person color game between Hillary, Ivanka, and Michelle. Each player can choose either Red or Blue. The payoffs for these choices are shown below. The first payoff in each cell is for Hillary, the second payoff is for Ivanka, and the third payoff is for Michelle.

Michelle Red

	Ivanka Red	Ivanka Blue
Hillary Red	1, 1, 5	1, 2, 1
Hillary Blue	2, 1, 2	2, 2, 2

Michelle Blue

	Ivanka Red	Ivanka Blue
Hillary Red	6, 6, 6	2, 10, 2
Hillary Blue	7, 1, 3	3, 2, 3

Assume this game is only played one time. Determine whether each player has dominant strategy and the Nash equilibrium outcome to the game.

Circle the correct answer.:

The dominant strategy for Hillary is: Red Blue None
The dominant strategy for Ivanka is: Red Blue None
The dominant strategy for Michelle is: Red Blue None
The Nash equilibrium outcome to the game is:

1, 1, 5
2, 2, 2
6, 6, 6
2, 10, 2
7, 1, 3
3, 2, 3
None of the above

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