Construct a symmetric mixed-strategy equilibrium

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Reference no: EM131449710

Question: Consider a simultaneous-move auction in which two players simultaneously choose bids, which must be in nonnegative integer multiples of one cent. The higher bidder wins a dollar bill. If the bids are equal. neither player receives the dollar. Each player must pay his own bid, whether or not he wins the dollar. (The loser pays too.) Each player's utility is simply his net winnings: that is, the players are risk neutral. Construct a symmetric mixed-strategy equilibrium in which every bid less than 1.00 has a positive probability.

Reference no: EM131449710

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