Reference no: EM132408678
ECN 416 - Game Theory & Economic Behavior, Arizona State University, US
Problem Set
1. Two firms decide, independently and simultaneously, whether to enter an industry. If a firm does not enter, its payoff is 0. If it enters it pays a start-up cost F. After the number of entrants is observed by both players, they play a quantity-setting game. The industry inverse demand function is P(Q) = 60-Q and no firm has any cost of production.
(a) Find all pure strategy SPNE outcomes, if F=0.
(b) Find all pure strategy SPNE outcomes, if F=500.
2. Suppose there are two players who play a bargaining game where player 1 makes an offer s ∈ (0, 2) to player 2. Player 2 accepts (a) or rejects (r). If she accepts, payoffs are (2 - s, s). If she rejects, the two players play the following game:
(1)/(2) L R
U (0,0) (s,1)
D (4,s) (1,2)
(a) Find all pure strategy SPNE outcomes for 0 < s < 1.
(b) Is there a SPNE where player 1 offers s = 3/2? Show your work.
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