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- From your own understanding on the concept of “Game Theory”, what can you conclude about the relationship between rules of the game and the outcome that results?This question is about the game theory in economics. Please can anyone answer the following question step by step elaborately?need urgent help on this game theory question. Thanks!
- Identify a real-world situation in which you see game theory/strategic behavior in action. Explain the game: Who are the players ? What are the strategies they have at their disposal? How are payoffs determined? What, if any, is the Nash equilibrium? Note, this article from Up Journey might help you come up with an example: https://upjourney.com/game-theory-examples-in-real-lifeIn 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 the link between game theory and market structures? Which market structure is game theory more linked to?
- 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?Try to comment the following statements with reference to the insight from the computer simulation of game theory. "As the proportion of businessmen cheating is too high in this country, cheating is unavoidable to survive and to attain sustainability."How many sellers/firms is a few? How would you define “strategic decision-making?” How does game theory relate to strategic decision-making?
- Economics Consider the ultimatum and dictator games. a) Briefly explain the general experimental findings about how individuals play these games. How do they compare with the game theoretic predictions? b) How do social preferences explain behavior in these experiments? c) Real world experiences have an impact on experimental behavior. Explain how real world experiences could affect behavior in each of theses experiments. d) Suppose that you would like to increase the amount that is sent in these experiments. Can you think of a way to to this? e) Suppose that individuals play first a dictator game and then an ultimatum game with the roles reversed, i.e. the sender in the dictator game is the receiver in the ultimatum game. Given what you know about individuals' behavior, how do think that players will play? Explain. youFor the game below, find any Nash equilibrium. Show your work and report any Nash equilibrium strategies.What is Nash equilibrium? Give Example.