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- How many sellers/firms is a few? How would you define “strategic decision-making?” How does game theory relate to strategic decision-making?Why is a cooperative outcome more likely in an often repeated prisoners’ dilemma?In game theory, what is a subgame? What is a subgame-perfect Nash equilibrium? If possible, could you please provide an example? Thank you!
- What is game theory? How does it relate to strategic decision making? What do the phrases dominant strategy and Nash Equilibrium mean as they apply to game theory?In the sequential games such as the sequential Battle of the Sexes, why does the Nash equilibrium allow for outcomes with noncredible threats?True or False?Please Explain Thoroughly: In a Nash equilibrium of a strategic game, each player must best respond to her opponents’ actions, therefore, no other action profile can be unanimously preferredby all the players to a Nash equilibrium.
- Use the following payoff matrix for a one-shot game to answer the accompanying questions. A 5,5 0, -200 B -200, 0 20, 20 Determine the Nash equilibrium outcomes that arise if the players make decisions independently, simultaneously, and without any communication. Which of these outcomes would you consider most likely? Explain. Suppose player 1 is permitted to “communicate” by uttering one syllable before the players simultaneously and independently make their decisions. What should player 1 utter, and what outcome do you think would occur as a result?Can you explain what the Pure Coordination Game is and provide an example of one?In the volunteer's dilemma, each player must decide whether to Ouse their personal resources to address the collective problem or to free ride O deploy a hawk or dove strategy in an iterated game cooperate or defect Ostay the course, or to play the "chicken" by jumping first
- What is the difference between macroeconomics and microeconomics? And where would game theory fall within these?Suppose you are interested in applying equilibrium theory to the following game, where 01 Nash equilibrium in which player 2 plays a sub-optimal action. {E, F}. Show that there is Bayesian Player 2 A • 1,1 GF Player 1 R • -1,0 NF 0,0 Nature A • 1,0 GE 1-p R -1, –1 NE 0,0Review Chapter 15, Table 15.4, Prisoner Dilemma. Suppose the game starts with both Jesse and Frank planning to “Stay Mum” in the lower right cell. Discuss how each player would evaluate the situation and decide whether to change decisions. If each player makes decisions to minimize the penalty, in which cell will this game end? Is there a Nash equilibrium?