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7 pirates are trying to share 100 recently plundered gold coins. Pirate shar- ing rules are complicated, and involve seniority and voting. The pirates are ordered by seniority so that the captain (player 1) goes first, followed by the first-mate (player 2), through to the lowly cabin-boy (player 7). The rules of the vote are that the most senior pirate currently aboard ship proposes a split of the coins among the other pirates (coins can not be cut in half or divided further). Everyone votes, and so long as a majority (a fraction equal to or greater than one half) vote “Aye!” then that share is enacted and the gold is split. If more than a half vote “nay” then the 1 pirate who proposed the share is thrown overboard, and the next-most- senior pirate proposes a split among those remaining. Pirates are assumed to be a mercenary lot. Their worst outcome is being thrown overboard, but long as they’re alive they enjoy two things: i) Gold coins and ii) seeing their friends thrown overboard. However, they value gold disproportionately and would not trade a single coin for the enjoyment of seeing all their friends thrown overboard. (a) What is the sub-game perfect outcome of this game? (b) What is the sub-game perfect outcome for a ship with 100 pirates aboard? Suppose instead that a strict majority were required to pass a split (so if a half or more vote ‘nay’ then the proposer is thrown overboard). What is the sub-game perfect outcome for 7 pirates now?
If the interest rate that the firm must pay to borrow capital is 25%, then if the firm borrows the optimal amount of capital, what is the organization's total revenue?
There are four steps in the auditor’s process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
The SOE employs three quarters of the work force (Ns=3/4) (i) What is the efficient allocation of labor in this economy? (ii) What is the TFP level for the economy relative to the level associated with the efficient allocation?
Suppose that Apex Health Services has four different projects. These projects are listed below, along with the amount of capital invested and estimated corporate and market betas:
On his deathbed, Chester Chubb gave his live-in maid $1,213,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will fi led a gift tax return and remitted the gift tax to the IRS. Explain how..
company buys building for $173,000 for propety tax purposes in exchange for 10,000 share of $4 par common stock, what amount does the company record the building for?
Evaluate the material purchase price variance and the material quantity variance and evaluate the labor rate, labor efficiency, and total labor variance.
He has no other miscellaneous itemized deductions and does not use the standard deduction. What is amount of Mike’s deduction for employment-related expenses?
What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries?
Determine the expected return on Barbaras investment
Prepare the essential entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2015, recording any essential amortization.
Create a cash budget for the months of July through September 2012. Show required schedules for the calculation of receivables and payables.
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