03 Jun Question 1.Suppose that two players are playing the followi
Question
1.Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B.
Does Player A have a dominant strategy? If so, what is it?
A) Top is a dominant strategy for Player A
B) Bottom is a dominant strategy for Player A
C) Both of the above
D) None of the above
2.
Does Player B have a dominant strategy? If so, what is it?
A) Left is a dominant strategy for Player B
B) Right is a dominant strategy for Player B
C) Both of the above
D) None of the above
3.
For the next four questions, you’ll be asked whether a strategy combination is a Nash equilibrium or not. Player A plays Top and Player B plays Left
A) This is a Nash equilibrium
B) This is NOT a Nash equilibrium
4.
Player A plays Bottom and Player B plays Left
A) This is a Nash equilibrium
B) This is NOT a Nash equilibrium
5.
Player A plays Top and Player B plays Right
A) This is a Nash equilibrium
B) This is NOT a Nash equilibrium
6.
Player A plays Bottom and Player B plays Right
A) This is a Nash equilibrium
B) This is NOT a Nash equilibrium
7.
If each player plays her maximin strategy, what will be the outcome of the game?
A) Player A plays Top and Player B plays Left
B) Player A plays Bottom and Player B plays Left
C) Player A plays Top and Player B plays Right
D) Player A plays Bottom and Player B plays Right
8.
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game?
A) Player A plays Top and Player B plays Left
B) Player A plays Bottom and Player B plays Left
C) Player A plays Top and Player B plays Right
D) Player A plays Bottom and Player B plays Right
9.
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