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Consider the electoral competition game presented in Lecture 6. In this game there are two candidates who simultaneously choose policies from the real line. There is a distribution of voters with median m and the candidate whose policy is closest to the median wins the election and the winning candidate's policy is implemented. If the two candidates are an equal distance from the median, then the average of the two policies is implemented. For this problem we suppose that both candidates care about both the implemented policy and winning the election. That is, the payo to each candidate has two parts. The first part is the utility from the implemented policy a*. That is, each candidate has utility u(a* ; xi), where xi is the ideal policy of candidate i and utility decreases to the left and right of xi. We suppose that xi < m < xj . The second part is the value of winning office, which we denote wi > 0 for candidate i. Putting these two parts together, we de ne the payoff to candidate i by
Find all Nash equilibria to this game.
A market mechanism during which an object, service, or set of objects is being purchased, instead of sold, to the auctioneer. The auction provides a selected set of rules which wil
Exercise 1 a) Pure strategy nash equilibrium in this case is Not Buy, bad ( 0,0) as no one wants to deviate from this strategy. b) The player chooses buy in the first perio
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A non-credible threat may be a threat created by a player in a very Sequential Game which might not be within the best interest for the player to hold out. The hope is that the thr
a) Show that A counting proof could be fun(?). But any old proof will do. (Note that the coefficients (1,2,1) in the above are just the elements of the second row of Pas
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Find the pure-strategy Nash equilibrium Alice is on vacation in Wonderland and considers trying a special mushroom sold by the caterpillar. She cannot tell upfront if the mush
Explain about the term Game Theory. Game Theory: While the decisions of two or more firms considerably influence each others’ profits, in that case they are into a situation
What terms are included in the monopolistic competition? Product Differentiation: 1. The meaning of monopolistic competition and product differentiation 2. Why monopolist
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