Does any player have a strictly dominated strategy

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Reference no: EM131246596

Discrete First-Price Auction: An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0, 1, or 2. If player i bids more than player j then i wins the good and pays his bid, while the loser does not pay. If both players bid the same amount then a coin is tossed to determine who the winner is, and the winner gets the good and pays his bid while the loser pays nothing.

a. Write down the game in matrix form.

b. Does any player have a strictly dominated strategy?

c. Which strategies survive IESDS?

Reference no: EM131246596

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