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Consider the following three games (Chicken, Matching Pennies, Stag Hunt):
Chicken Player 2
Player 1
D V
D -100;-100 10;-10
V -10; 10 -1;-1
Matching Pennies Player 2
H T
H 1;-1 -1; 1
T -1; 1 1;-1
Stag Hunt Player 2
S R
S 5; 5 0; 1
R 1; 0 1; 1
(a) In each of the above games, identify the pure strategy Nash Equilibria when both players move simultaneously
(b) Now imagine that player 1 chooses her action .rst, and player 2 observes player 1.s choice before choosing her action. What will be subgame perfect Nash Equilibrium outcome of each game? (you do not need to be very formal in this question. An explanation based on your answer to a. will be enough).
(c) In which game(s) is there a .rst mover advantage? In which game(s) is there a second mover advantage? Does making the game sequential ever bene.t both players?
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A general term for an English auction in which there is no reserve price, guaranteeing that the object will be sold to the highest bidder regardless of the quantity of the bid.
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Named when Vilfredo Pareto, Pareto optimality may be alive of potency. An outcome of a game is Pareto optimal if there's no different outcome that produces each player a minimum of
Scenario As described by William Poundstone, imagine that you just notice that electricity has gone out for your entire neighborhood. the electrical company can send somebody to
A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocab
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