Write out the payoff matrix

Reference no: EM13161472

A selfless person approaches Jones and Smith with a $100 and offers to sell it to the highest bidder, but both the winning and the losing bidders must pay their bids.So Jones and Smith pay a total of $3,but Jones gets the money, leaving him with a net gain of $98 and Smith with -$1. If boyh bid the same amount, the $100 is split evenly between them. assume that eac of them has only two $1 bills on hand, leaving three possible bids: $0, $1,or$2 Write out the payoff matrix for this game and then find it's Nash equilibrum

Reference no: EM13161472

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