Which of the following is true of a prisoneros dilemma game?     It does not have an equilibrium.     It has a dominant-strategy equilibrium.     It does not have a Nash equilibrium.     It ensures better payoffs to the players compared to other games.

Imagine United Airlines deciding independently to reduce fares on its flights. Other competing airlines quickly matched the fare cuts. These actions might be interpreted as: a cooperative game. a competitive game. a constant sum game. a noncooperative game.

In game theory, a "payoff matrix" is a table that shows the following, except Multiple Choice   the profits to each firm or player that would result from various strategy combinations.   the target payoffs that each firm or player is aiming for in their different strategies.   the interdependence of the firms’ or players’ profits, based on their alternative actions.   the alternative results that the firms or players would get, based on their actions and those of others.

Is the solution to the prisoner’s dilemma game a Nash equilibrium? Why? The solution to the prisoner’s dilemma game is a Nash equilibrium because no player can improve his or her payoff by changing strategy unilaterally. The solution to the prisoner’s dilemma game is not a Nash equilibrium because players do not end up in the best combination for both. The solution to the prisoner’s dilemma game is not a Nash equilibrium because both players can improve their payoffs by cooperating. The solution to the prisoner’s dilemma game is a Nash equilibrium because it is a noncooperative game in which both players have to expect that the other is purely selfish.

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Two firms are competing on price. If they have the same price, they share the market otherwise the one with the lowest price captures all demand Market demand follows Q(P)=100-3P Cost is C(Q)=10Q Firms can only choose between the following prices: 9, 10, 11, 12. In the Nash equilibrium of this game, what prices are charged? Suggestion: calculate the profits they obtain for each of the price combinations, write down the game in its normal form (payoff matrix), and then use the underlining method to match best responses. U ப U 9 12 10 110 11

Use the following payoff matrix to answer the questions below. Cooperate Defect 1 Cooperate 100, 100 40, 125 Defect 125, 40 50, 50 Which player (if any) has a Dominant Strategy? [ Select ] What is the Nash Equilibrium of this game? [ Select ] Does this game satisfy the definition of a prisoner's dilemma? [ Select ]

Two firms are competing on price. If they have the same price, they share the market - otherwise the one with the lowest price captures all demand Market demand follows Q(P)=100-3P Cost is C(Q)=10Q Firms can only choose between the following prices: 9, 10, 11, 12. In the Nash equilibrium of this game, what prices are charged? Suggestion: calculate the profits they obtain for each of the price combinations, write down the game in its normal form (payoff matrix), and then use the underlining method to match best responses. 12 11 9 10

Which of the following problems makes it difficult to interpret human experiments using cooperation games based on economic game theory? If you compare humans from different cultures, you get different results which defeats the purpose. These games do not test human behavior under conditions that are ecologically realistic. Economic game theory assumes that humans are selfish, but actually we are cooperative. Humans choose to cooperate because they are related.

Question 4 Consider the Cournot game with price function P(q) = F/g and payoff functions u = P(q) qi-ci q for firms i = 1,2. Find the Nash equilibrium of this game for the value of cost c₁ = C2 = C.