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Consider the following simultaneous-move, one-shot game:
Player 2
Player 1
Strategy
C
D
A
30, 10
10, 15
B
20, 25
8, 20
1. Determine the Nash equilibrium for this game.
2. Change the game to a sequential-move game in which player 1 moves first and find the sub-game perfect equilibrium (it might help to write the game out in extensive form). Comparing this result to the previous result, what is the maximum amount player 1 should be willing to pay for the right to move first?
3. If the simultaneous-move game were infinitely repeated, would a cooperative agreement be sustainable assuming both players use a discount rate of 10%? Explain as specifically as possible.
4. If both players know the simultaneous-move game will be played exactly 5 times, would a cooperative agreement be possible? Explain why or why not.
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