Write down the decision box which combines the letter grade

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Reference no: EM1345095

Suppose that you and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to do as little work as possible. Four possible decisions are the following :

1) you work and your classmates work :(A grade but no fun)

2)you shirk but your classmates work : (B grade but fun )

3)you work but your classmates shirk :( B grade and no fun )

4)you and your classmates both shirk : (D grade and fun )

Assume that having fun is your normal state, but having no fun is as unpleasant as receiving a grade that is two letters lower.

Question:

a) Write down the decision box which combines the letter grade also the amount of fun you have into a single payoff for each outcome.

b)If neither you nor your classmate knows how much work the other person is doing, what is the likely outcome? Does it matter whether you are likely to work with this person again? Explain your answer.

Reference no: EM1345095

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