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Game Theory:
(prisoner's dilemma) Consider the following 2 x 2 pricing game, where rms choose whether to price High or Low simultaneously. Find the equilibrium in dominant strategies.
(coordination game) Consider the following 2 x 2 coordination game, where two rms (Firm A and Firm B) simultaneously choose product standard A or B. The payo matrix is given by
Find all Nash equilibria of this game.
(early-mover advantage) Again the two rms play the above coordination game. But now suppose Firm A moves rst. After observing Firm A's choice, Firm B subsequently chooses A or B. Draw the extensive form (game tree) of this game. Use backwards induction to identify the (subgame perfect) equilibrium.
1. This question and the next is based on the following description. Consider the coalitional game (referred to as Game 1) given by: N = {1,2,3,4}; v(N) = 3, v{i} = 0, i = 1,...,4,
Discussion in the preceding section suggests that if we want to measure a given hnction belonging to a simultaneous-equations model, the hnction must be fairly stable over the samp
A type of sequential second worth auction during which an auctioneer directs participants to beat the present, standing bid. New bids should increase the present bid by a predefine
A market mechanism in which a service, objects, or set of objects, is swapped on the basis of bids submitted by member. Auctions offer a precise set of rules that will rule the pur
A game tree (also referred to as the in depth form) may be a graphical illustration of a sequential game. It provides data concerning the players, payoffs, strategies, and also the
The in depth kind (also referred to as a game tree) may be a graphical illustration of a sequential game. It provides data concerning the players, payoffs, strategies, and also the
Strategies against Hostage Takers T ypical Situations Terrorists: usually have several hostages, demands are polit- ical, may be fanatics, location may be public or sec
GAME PLAYING IN CLASS There are several games that are appropriate for use on the first or second day of class. These games are simple but can be used to convey important poin
Cardinal payoffs are numbers representing the outcomes of a game where the numbers represent some continuum of values, such as money, market share or quantity. Cardinal payoffs per
What is the Iterated Dominant Strategy Equilibrium (IDSE) and associated pay-offs? Type your answer in the following form: (c,B) , (6, 4) if you think the outcome is
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