Which of the following is true for the game below:JohnNot EnterEnterNot EnterAll of the other statements are true.Carl$10, $12$15, $10O The Nash equilibrium is not a Prisoner's Dilemma.O The Nash equilibrium is (Enter, Enter).O The Nash equilibrium is Pareto Optimal.Enter$8, $15$12, $14

Nash equilibrium is the strategy profile tgat is the point of stationary for the player as none of…

Which of the following is true for the game below: John Not Enter Enter Not Enter O All of the other statements are true. Carl $10, $12 $15, $10 The Nash equilibrium is not a Prisoner's Dilemma. O The Nash equilibrium is (Enter, Enter). O The Nash equilibrium is Pareto Optimal. Enter $8, $15 $12, $14

Which of the following is true for the game below: John Not Enter Enter Not Enter O All of the other statements are true. Carl $10, $12 $15, $10 The Nash equilibrium is not a Prisoner's Dilemma. O The Nash equilibrium is (Enter, Enter). O The Nash equilibrium is Pareto Optimal. Enter $8, $15 $12, $14

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter8: Game Theory

Section: Chapter Questions

Problem 8.1P

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Which of the following DOES NOT accurately describe a Nash equilibrium? O It is the set of strategies which provides the players with the highest possible combined payoffs. All of these choices accurately describe a Nash equilibrium. O It is a set of strategies such that no player can receive a higher payoff by changing only their own strategy. It is a set of strategies such that no player, after seeing what the other players' strategies were, regrets their choice of strategy. It is a set of strategies such that every player, after seeing what the other players' strategies were, is satisfied (if not actually happy) with their choice of strategy.
The payoff matrix below describes a one-shot game in which two farmers ("Player A" and "Player B") choose between planting corn or planting wheat. The payoffs in this matrix represent thousands of dollars of income, so more is better. Pla yer A Plant Corn Plant Wheat What kind of equilibrium is this? Plant Corn Dominant Strategy Equilibrium Nash equilibrium 3, 3 Player B 5,0 Both a Nash and a Dominant Strategy Equilibrium O No equilibrium Plant Wheat 0,5 1, 1
Which of the following best characterizes the prisoner's dilemma problem? O Players reaching the social optimal in their Nash Equilibrium O A game having multiple Nash Equilibrium O Player s Nash Equilibrium is not the social optimal O A game with no Nash Equilibrium
Consider the following price game: Firm 1 Firm 2 High Low High 20, 20 12, 24 Low 24, 12 14, 14 Remark: In simultaneous move games (games with rows and columns) theconvention is to write the row player’s payoff first and the column player’spayoff second. (a) What is the Nash equilibrium of this game? Recall that for each playeryou should find the best response to each of the opponents’ strategies andunderline the associated payoff. Then look for a cell where both strategiesare best responses to each other. This is a Nash equilibrium. (b) Does either firm have a dominate strategy (a strategy that is always abest response)?
Suppose you are interested in applying equilibrium theory to the following game, where 01 Nash equilibrium in which player 2 plays a sub-optimal action. {E, F}. Show that there is Bayesian Player 2 A • 1,1 GF Player 1 R • -1,0 NF 0,0 Nature A • 1,0 GE 1-p R -1, –1 NE 0,0
One of the following statements about the theory of economic games is not correct. Select the one answer that is false. Select one: O Each player's most preferred scenario in a prisoners' dilemma game is to free ride. O Looking for dominant strategies will identify all equilibria in a game. In a dominant strategy equilibrium, no player has an incentive to unilaterally change their strategy. O In a Nash equilibrium, no player has an incentive to unilaterally change their strategy.
Consider the group of games called the Prisoners' Dilemma games. Which of the following is not true about the games? Each player has a unique best response There is a Nash Equilibrium where both players randomize over their options O Each player cgyld do better if the Nash Equilibrium was not the outcome All of the other answers are correct Either player would be made better off if their opponent was to unilaterally deviate from a Nash Equilibrium
NASH EQUILIBRIUM Consider the following game in strategic form. bị b2 a1 10,2 4,20 a2 6,28 9,14 аз 8,6 12,4 1-T-0 1-T The Equilibrium Existence Theorem guarantees that this game possesses at least one Nash equilibrium of the form (T*, o*,T*). Which values of a* are part of such an equilibrium? (Mark all values for which an associated equilibrium exists.) Select one or more: O 0.00 O 0.60 O 0.30 O 1.00 O 0.75 O 0.10 O 0.80 O 0.25
Consider the following game: Steffi N K 14, 6 7,6 8, 7 Jim 5, 8 8, 8 13, 6 M 1,5 8, -6 6, 6 What is Jim's best response to Steffi playing P? (you can select more than one answer) V a. K O b. M O c. N O d. L V e. 14 O f. 8
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learn.canterbury.ac.nz Clasarsom Nov 15-ICO EUC LEARN | AKO See the game below and answer the questions 8 to 11: Player-1 C Player-2 X, Y Y Player-1 9 14 8. Player-2 16 17 16 Nash Equilibrium in this game: Select one: O a. Playert: C; Player2: X O b. Playert: C; Player2: Y Oc. Playert: L; Player2: X Od. Playert: L; Player2: Y e. None
Team 2 plays A Team 2 plays B Team 1 plays A 2, 1 0,0 Team 1 plays B 0,0 1, 2 Consider the game above. Which of the following is a Nash Equilibrium of the game? O Team 1 plays A two thirds of the time and plays the rest of the time, while team 2 plays A two thirds of the time and plays B the rest of the time. Team 1 plays A one quarter of the time and plays B the rest of the time, while team 2 plays A one quarter of the time and plays B the rest of the time. Team 1 plays A one quarter of the time and plays B the rest of the time, while team 2 plays A three quarters of the time and plays B the rest of the time. O None of the other answers are correct. Team 1 plays A two thirds of the time and plays B the rest of the time, while team 2 plays A one third of the time and plays B the rest of the time.