01 Jun Question 1. award: 5 out of 5.00 points
Question
1.
award:
5 out of
5.00 points
Question and Exercise 20-3
Is the solution to the prisoner’s dilemma game a Nash equilibrium? Why?
| Worksheet | Learning Objective: 20-01 Explain what game theory is and give an example of a game and a solution to a game. | 436 |
| Question and Exercise 20-3 | Section: Game Theory and the Economic Way of Thinking |
2.
award:
5 out of
5.00 points
Question and Exercise 20-4
If a player does not have a dominant strategy, can the game still have a Nash equilibrium?
| Worksheet | Learning Objective: 20-01 Explain what game theory is and give an example of a game and a solution to a game. | 436 |
| Question and Exercise 20-4 | Section: Game Theory and the Economic Way of Thinking |
3.
award:
5 out of
5.00 points
Question and Exercise 20-5
Two firms have entered an agreement to set prices. The accompanying payoff matrix shows profit for each firm in a market depending upon whether the firm cheats on the agreement by reducing its prices.
| Firm B | |||
| Cheats | Does not cheat | ||
| Firm A | Cheats | A: $0 B: $0 |
A: $100 B: ?$50 |
| Does not cheat | A: ?$50 B: $100 |
A: $50 B: $50 |
a. What is the dominant strategy for each firm, if any?
Firm A: .
Firm B:.
b. What is the Nash equilibrium, if any?
.
4.
award:
5 out of
5.00 points
Question and Exercise 20-5 (algo)
Two firms have entered an agreement to set prices. The accompanying payoff matrix shows profit for each firm in a market depending upon whether the firm cheats on the agreement by reducing its prices.
| Firm B | |||
| Cheats | Does not cheat | ||
| Firm A | Cheats | A: $0 B: $0 |
A: $50 B: $-100 |
| Does not cheat | A: $-100 B: $50 |
A: $40 B: $40 |
a. What is the dominant strategy for each firm, if any?
Firm A: .
Firm B: .
b. What is the Nash equilibrium, if any?
.
5 award:
5 out of
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