01 Aug Bill And Ted, Two Teenagers From San Dimas, California
Can anyone point me in the right direction. This part of my homework deals with payoff matrix and answering the information listed below.
Bill and Ted, two teenagers from San Dimas, California, are playing the game of chicken. Bill drives south on a one-lane road and Ted drives north along the same road. Each has two strategies: Stay or Swerve. If one player chooses Swerve he looses face; if both Swerve, they both loose face. If both choose Stay, they are both killed. Consider the following payoff matrix:
| Bill
Stay Swerve |
||
| Ted | Stay
Swerve |
-3, -3 2, 0
0, 2 1, 1 |
Game 1: Bill and Ted’s Chicken Adventure.
a. What is the expression for Bill and Ted’s expected payoffs?
b. What is the breakeven probability? Explain.
c. What is the risk-dominant strategy? Explain.
Consider the following payoff matrix:
| Column Player
C1 C2 |
||
| Row Player | R1
R2 |
3, 3 0, 0
1, 0 2, 1 |
a. What are the Nash equilibrium of this game? What are the Pareto efficient outcomes? How would you classify this game? Explain.
b. Find the expressions for each players expected payoff.
c. What is the breakeven probability? Explain.
d. What is the risk-dominant strategy? Explain.
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