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Explain what is a saddle point

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Assignment Question - Two mining companies, Fox and Trot, bid for the right to drill aeld.

The possible bids are $ 15 Million, $ 25 Million, $ 35 Million, $ 45 Million and $ 50 Million. The winner is the company with the higher bid.

The two companies decide that in the case of a tie (equal bids), Fox is the winner and will get the eld.

Fox has ordered a geological survey and, based on the report from the survey, concludes that getting the eld for more than $ 45 Million is as bad as not getting it (assume loss), except in case of a tie (assume win).

(a) State reasons why/how this game can be described as a two-players-zero-sum game.

(b) Considering all possible combinations of bids, formulate the payo matrix for the game.

(c) Explain what is a saddle point. Verify: does the game have a saddle point?

Reference no: EM133235807

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