Reference no: EM131166074
Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table:
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Player 1
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Player 2
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left
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Right
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Top
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9 5
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2 3
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Bottom
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7 4
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5 6
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where the number on the left is the payoff to Player 1, and the number on the right is the payoff to Player 2.
A) Does Player 1 have a dominant strategy, and if so what is it?
B) Does Player 2 have a dominant strategy and if so what is it?
C) For each of the following strategy combinations, write TRUE if it is a Nash Equilibrium, and FALSE if it is not:
i) Top/Left
ii) Top/Right
iii) Bottom/Left
iv) Bottom Right
D) What is Player 1's maximum strategy?
E) What is Player 2's maximum strategy?
F) If the game were played with Player 1 moving first and Player 2 moving second, using the backward induction method we went over in class, what strategy will each player choose?
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