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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?
Suppose that the incumbent monopolist, in the previous question, can decide (before anything else happens) to make an irreversible investment in extra Capacity (C), or Not (N). If
how do I?
The best reply dynamic is usally termed the Cournot adjustment model or Cournot learning after Augustin Cournot who first proposed it in the context of a duopoly model. Each of two
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A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably
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