ROWENA 2 Answer 1: 2 Answer 2: 2 Answer 3: 1 Earth Water Answer 4: Wind 3 Fire of the Nash equilibrium, (Rowena's 1 Colin's 3 North 1,3 1,2 3,2 2,0 This simultaneous game has two Nash equilibria. The Nash equilibrium, (Rowena's 2 Colin's South 3,1 1,2 2,1 COLIN 3,0 East 0,2 2,3 1,3 1,1 West 1.1 1,1 0,3 2,2 ) has a greater joint payoff than that

ROWENA 2 Answer 1: 2 Answer 2: 2 Answer 3: 1 Earth Water Answer 4: Wind 3 Fire of the Nash equilibrium, (Rowena's 1 Colin's 3 North 1,3 1,2 3,2 2,0 This simultaneous game has two Nash equilibria. The Nash equilibrium, (Rowena's 2 Colin's South 3,1 1,2 2,1 COLIN 3,0 East 0,2 2,3 1,3 1,1 West 1.1 1,1 0,3 2,2 ) has a greater joint payoff than that

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter8: Game Theory

Section: Chapter Questions

Problem 8.9P

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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)?
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Consider the following simultaneous move game where player 1 has two types. Player 2 does not know if he is playing with type a player 1 or type b player 1. Player 2 C D Player 1 A 12,9 3,6 B 6,0 6,9 C D A 0,9 3,6 B 6,0 6,9 Type a Player 1 Prob = 2/3 Type b Player 1 Prob = 1/3 Find the all the possible Bayesian Nash Equilibriums (BNE) of this game.
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