ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
Solve part C and D
Question 2 (Subgame-Perfect Nash Equilibrium Consider the following sequential game of imperfect information. 5,5 P2 T (c) soning. 0,6 P1 P2 B 6,0 a R 2,0 P2 1,1 5,1 0,2 P2 P2 A' R 0,0 P1 B' { 0,0 P2 (a) How many information sets does this game have? What constitutes a strategy in a sequential game of imperfect information? (b) Find all the pure strategy subgame-perfect Nash equilibria of this game. Remember to write them down properly. Could this game support a SPNE in mixed strategies? Explain your rea- (d) Suppose this game were a game of perfect information. What would the game tree look like? What would be the SPNE outcome?
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Transcribed Image Text:Question 2 (Subgame-Perfect Nash Equilibrium Consider the following sequential game of imperfect information. 5,5 P2 T (c) soning. 0,6 P1 P2 B 6,0 a R 2,0 P2 1,1 5,1 0,2 P2 P2 A' R 0,0 P1 B' { 0,0 P2 (a) How many information sets does this game have? What constitutes a strategy in a sequential game of imperfect information? (b) Find all the pure strategy subgame-perfect Nash equilibria of this game. Remember to write them down properly. Could this game support a SPNE in mixed strategies? Explain your rea- (d) Suppose this game were a game of perfect information. What would the game tree look like? What would be the SPNE outcome?
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Step 1: Introduction to sub-game nash equilibrium
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Step 2: c. Determine if the game supports SPNE in mixed strategies
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Step 3: d. Sketch the game tree
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