Formulate as a strategic form game with n players

Assignment Help Business Economics
Reference no: EM133081763

Consider a game where each player announces a number in the set {1, . . . , K}. A monetary reward of 1 is split equally between all the players whose number is closest to 2/3 of the average number. This game is called the "Guess Two Thirds of the Average" game.

a) Formulate this as a strategic form game with n players

b) Show that the game has a unique mixed strategy Nash equilibrium, in which each player plays a pure strategy

Reference no: EM133081763

Questions Cloud

What is the importance of teamwork : What is the importance of teamwork? Discuss the advantages and disadvantages in working in teams.
Why will it be reached when polluters have the right : Explain why E*=200 is the efficient level of emissions. Why will it be reached when polluters have the right? What will be the increase in social welfare?
Pointsec mobile technologies : Construction supervisors, managers, and other employees are away from the workplace, many of them carry mobile devices such as laptop computers
Occurrence of diminishing returns : Can innovation and new production technologies delay or stop the occurrence of diminishing returns?
Formulate as a strategic form game with n players : Consider a game where each player announces a number in the set {1, . . . , K}. A monetary reward of 1 is split equally between all the players whose number is
Airline deregulation case study : After reading the Airline Deregulation Case Study, what do you think? Are we better off as consumers because of deregulation? Do you think deregulation is here
Different physical and chemical properties : Chemical composition of the layers, describe for each of the 3 items if they could be identified as OEM, repainted
How does ebay create value : How does Ebay create value? Please use intext citation and references
Importance of a financial system : Can you see, with this problem, the importance of a financial system able to facilitate risk-sharing?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd