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Two individuals use a common resource (a river or a forest, for example) to produce output. The more the resource is used, the less output any given individual can produce. Denote by xi the amount of the resource used by individual i (where i = 1, 2). Assume specifically that individual i's output is xi(1 (x1 + x2)) if x1 + x2 < 1 and zero otherwise. Each individual i chooses xi ? [0, 1] to maximize her output.
(a) Formulate this situation as a strategic game.
(b) Find the best response correspondences of the players.
(c) Find its Nash equilibria.
(d) Does the Nash equilibrium value of x1; x2 maximize the total output? (Is there any other output pro le that results in a higher total output than the Nash equilibrium?)
(e) Suppose now there are n individuals and hence the payoff function of individual i (where i = 1; 2;...; n) is given by xi(1 (x1 +x2 + ... +xn)) if x1 +x2 +...+xn 6 1 and zero otherwise. Find the Nash equilibria of this game.
A sub game excellent Nash equilibrium is an equilibrium such that players' methods represent a Nash equilibrium in each sub game of the initial game. it should be found by backward
A type of initial worth auction during which a "clock" initially indicates a worth for the item for sale substantially beyond any bidder is probably going to pay. Then, the clock g
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,
The following is a payoff matrix for a non-cooperative simultaneous move game between 2 players. The payoffs are in the order (Player 1; Player 2): What is/are the Nash Equil
Consider a game in which player 1 chooses rows, player 2 chooses columns and player 3 chooses matrices. Only Player 3''s payoffs are given below. Show that D is not a best response
the first three words are ''''the boys'' down''''. what are the last three words?
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
Give me solution
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This condition is based on a counting rule of the variables included and excluded from the particular equation. It is a necessary but no sufficient condition for the identi
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