1. price of water to - decreases - increases 2. the behavior is an example of - a prisoner's dilemma -tying -a tit-for-tat strategy -a dominant strategy
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- Sometimes oligopolies in the same industry are very different in size. Suppose we have a duopoly where one firm (Film A) is large and the other film (Film B) is small, as the prisoners dilemma box in Table 10.4 shows. Assuming that both films know the payoffs, what is the likely outcome in this case?As soon as possible . Thank you 1.Show a duopoly diagram with the four boxes and explain the Nash Equilibrium (make up plausible #s for all 4 boxes)12. An important characteristic of a dominant strategy is that: Select one: a. it is the best strategy to dominate your opponents b. it always leads to a Nash equilibrium where all players equally well off c. it can prevent the game reaching a Nash equilibrium d. it is the best strategy for a player, regardless of whatever strategy the opponent chooses
- 28 A payoff matrix shows the payoffs (i.e. bribes) required to government officials for firms undertaking specific actions. A details the actions each firm takes. shows the payoffs to each firm for each possible outcome. is optional in game theory. 29 A player's best response is the strategy that maximizes his payoff given what he thinks the other player will do. a dominant strategy. A В impossible to find when there isn't a Nash equilibrium. a way to avoid the prisoners' dilemma. D 30 Strategic advertising in the cola market significantly expands the size of the market. brings in few new customers and primarily shifts market share among A В rivals. shifts market demand to the right, increasing quantity sold and decreasing prices. has no impact on the market. C D B.Solve for the Nash equilibrium (or equilibria) in each of the following games. (a) The following two-by-two game is a little harder to solve since firm 2’spreferred strategy depends of what firm 1 does. But firm 1 has a dominantstrategy so this game has one Nash equilibrium. Firm 2 Launch Don’tFirm 1 Launch 60, -10 100, 0 Don’t 80, 30 120, 0 What is the Nash equilibrium of this simultaneous-move game? (b) What would the outcome of this game be if instead firm 1 moved first and then, after seeing what firm 1 chose, firm 2 chose it strategy? In this case firm 1 doesn’t necessarily need to choose a best response, but firm 2 must choose a best response since it moves second.1. Find all subgame perfect nash equilibrium 2. Find a nash equilibrium that is not SPNE, and explain why it is not an SPNE.
- 8. In game theory there is not always a dominant strategy b. a Nash equilibrium is a dominant strategy collusion is an example of a cooperative game С. d. all of theseCOUNTRY B HIGH TARIFF LOW TARIFF HIGH TARIFF $1M $1 M $2M, $1.5 M COUNTRY A LOW $1.5 M, $ 2M $3м, $3 м TARIFF 1. What is the dominant strategy for: a. Country A b. Country B Is there an equilibrium dominant strategy for this game? 2. Find the Nash equilibrium a. Outcome = (High, high) b. Outcome = (High. Low) c. Outcome = (Low, high) d. Outcome = (Low, low) 3. What is the Maximin strategy for Country A and Country B? C.Samsung and Apple have been in ‘advertisement war’ for many years. Explainthis war in relation to game theory. Do not use hypothetical example for yourexplanation.
- What is the Nash Equilibrium in a game?A. A situation where all players cooperate for maximum gainB. A situation where no player can improve their outcome by changing their strategy unilaterallyC. A situation where players always choose the same strategyD. A situation where players randomly select strategiesOtto has a monopoly on limousine service, and Carla is thinking about Kentenng the market. The outcome of the entry-deterrence game represented by the game tree to the right is that Otto picks the quantity and Carla the market Small Quantity Otto Large Quantity Carla Carla Enter Stay out Enter Otto $50 Carla $50 Otto $90 Carla 50 Otto So Carla -$10 Otto $60 Stay out Carla $0 a C2. Focus on the following Prisoner's Dilemma which is infinitely repeated. Find for what value of the discount factor the grim trigger strategy is a Subgame Perfect Nash Equilibrium of the game. Player 1 D C Player 2 D 0,0 -2,7 с 7,-2 5,5