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Econ 521 - Week 9:
1. Bargaining with two-period deadline - Suppose that the players alternate proposals, one per "period", and that each player i regards the outcome in which she receives all of the pie after t periods of delay as equivalent to the outcome in which she receives the fraction δit of the pie immediately, where 0 < δi < 1 for i = 1, 2. That is, suppose that each player i "discounts" the future using the constant discount factor δi. Consider the game in which 2 periods are possible: If player 2 rejects player 1s initial proposal, player 2 can make a counterproposal which, if rejected by player 1, ends the game with payoffs 0 for each player. Find SPNE of the game using backward induction. What if δ2 increases? What if δ1 increases? Explain the intuition of this.
2. Two period bargaining with constant cost of delay - Find the Subgame Perfect Nash Equilibrium of the variant of the game above in which player i's payoff when she accepts the proposal in period 2 is yi - ci, where 0 < ci < 1 (rather than δiyi), and her payoff to any terminal history that ends in rejection is ci (rather than 0), for i = 1, 2. (Payoffs may be negative but a proposal must still be a pair of nonnegative numbers.)
3. Three period bargaining with constant cost of delay - Find the Subgame Perfect Nash Equilibrium of the variant of the game in the exercise above in which the game may last for three periods, and the cost to each player i of each period of delay is ci. (Treat the cases c1 ≥ c2 and c1 < c2 seperately.)
What is the expected (average) payoff to each player if each flips a coin to decide whether to play 2 or 3? ls this better than focusing on both choosing l as a focal equilibrium
After collecting appropriate data, you find that 1148 customers chose to "Be A Glutton". Compute P-value and determine the conclusion of the test.
The national average for a new car loan is 8.28%. If the rates are normally distributed with a standard deviation of 3.5%, find the probability one can receive a rate less than 9%
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Gasoline prices above $ 3 per gallon have affected what Enterprise Rental Car Co. can charge for various models of rental cars.
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If a citizen who voted in the last election is randomly selected, what is the probability that they are a Democrat?
What is the smallest value of T for which it possible for B and b to be played in the first play of the game, in a subgame perfect equilibrium
Find expressions for the Cournot equilibrium firm outputs. Find expressions for the Stackelberg equilibrium firm outputs.
Burger Doodle is a fast-food restaurant that processes an average of 680 food orders each day. The average cost of each order is $6.15. Four percent of the orders are incorrect, and only 10% of the defective orders can be corrected
Create the strategic form payoff matrix, Determine the Nash equilibrium, Suppose the interaction is sequential where Holland Sweetener chooses to enter
Write the Budget Constraint of the ministry as a function of the annual budget m, the km of roads x1, the added tons to the port x2, and the costs p2, b and g.
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