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1. Basic Game Theory (21 points) Consider the following game Player 2 Right 18,25 20.23 Player...
1. Basic Game Theory (21 points) Consider the following game Player Top Bottom Left 21, 23 22. 16 Player 2 Right 20...
1. Basic Game Theory (21 points) Consider the following game Player Top Bottom Left 21, 23 22. 16 Player 2 Right 20, 24 19. 18 A. (6 points) Does player 2 have a dominant strategy. If yes, describe it B. (9 points) Can this game be solved by the elimination of dominated strategy? If yes, describe your method and result in detail C. (6 points) Now suppose there is some change to the payoff matrix, find the Nash equilibrium for...
с 1. Basic Game Theory (21 points) It Consider the following game Player 2 ID Player...
с 1. Basic Game Theory (21 points) It Consider the following game Player 2 ID Player 1 A 20,22 21.24 B 18,23 20.18 f No: no A. (6 points) Does player I have a dominant strategy. If yes, describe it. "Velthen Planchonit in one of B. (9 points) Can this game be solved by the elimination of dominated strategy? If yes, describe your method and result in detail C. (6 points) Now suppose there is some change to the payoff...
2. Price Discrimination (24 points) First indicate the types of price discrimination for the cases below....
2. Price Discrimination (24 points) First indicate the types of price discrimination for the cases below. Then explain the differences between the different types of price discrimination that you find in these examples. Al movlet Segretention Case A: Pop singer XXX is announcing a concert tour starting next summer, and there is a 20% price discount for those loyal fans who have always been actively participating in XXX's official fan club in the last two years. For those concert goers...
You have 15 minutes to solve the exam. Write down all your answers in the bluebooks,...
You have 15 minutes to solve the exam. Write down all your answers in the bluebooks, and mark your answers properly. For callation questions, you need to show all major steps. Good Luck 1. Basie Game Theory 21 points) Consider the following game Player 2 2026 1833 22.18 A. (6 points) Does player I have a dominant strategy. If yes, describe it. B p oints) Can this game be solved by the elimination of dominated strategy? If yes, describe your...
1. (20 points) Consider the following game: Left 7,17 10,5 4,4 Top Middle Bottom Player B...
1. (20 points) Consider the following game: Left 7,17 10,5 4,4 Top Middle Bottom Player B Middle 21,21 14,4 7,3 Right 14,11 4,3 10,25 Player A a. Does either player have a dominant strategy? What about a dominated strategy? b. What are the Nash equilibria of this game? C. Is there one Nash equilibrium that you think is a more likely outcome than the others? If so, why? If not, why not? d. Now suppose the game looks like this:...
2. Consider a Firm (Player 1) that produces a unique kind of drug that is used...
2. Consider a Firm (Player 1) that produces a unique kind of drug that is used by a Consumer (Player 2). This drug is regulated by the government so that the price of the drug is p 6. This price is fixed, but the quality of the drug depends on the manufacturing procedure. The "good" (G) manufacturing procedure costs 4 to the firm, and yields a value of 7 to the consumer. The "bad" (B) manufacturing procedure costs 0 to...
Player 2 Left Right Player 1 Up 10,10 2,5 Down 5,2 2,2 6. If the game in #5 is sequential what is the equilibrium?...
Player 2 Left Right Player 1 Up 10,10 2,5 Down 5,2 2,2 6. If the game in #5 is sequential what is the equilibrium? 7. What does Common Knowledge of the game mean and why is it important? 8. Consider the following market with two firms. Suppose that firms produce identical goods and are faced with the inverse market demand curve P = 100 - 20. Further, suppose that firms have identical cost functions of C = 10 + 20q....
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills...
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills and can take one of the following two actions: (i) she can give S20 to Bob or (ii) she can give one of the S10 bills to Bob. All the money will be used to buy popcorns before the movie they will see. Each one dollar of popcorn gives one unit of payoff for the player who buys it. In the second step, they...
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills...
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills and can take one of the following two actions: (i) she can give S20 to Bob or (ii) she can give one of the S10 bills to Bob. All the money will be used to buy popcorns before the movie they will see. Each one dollar of popcorn gives one unit of payoff for the player who buys it. In the second step, they...
1. Consider the coupon game. But suppose that instead of decisions being made simultaneously, they are made sequentially, with Firm 1 choosing first, and its choice observed by Firm 2 before Firm 2 ma...
1. Consider the coupon game. But suppose that instead of
decisions being made simultaneously, they are made sequentially,
with Firm 1 choosing first, and its choice observed by Firm 2
before Firm 2 makes its choice.
a. Draw a game tree representing this game.
b. Use backward induction to find the solution. (Remember that
your solution should include both firms’ strategies, and that Firm
2’s strategy should be complete!)
2. Two duopolists produce a homogeneous product, and each has a...
1. Basic Game Theory (21 points) Consider the following game Player Top Bottom Left 21, 23 22. 16 Player 2 Right 20, 24 19. 18 A. (6 points) Does player 2 have a dominant strategy. If yes, describe it B. (9 points) Can this game be solved by the elimination of dominated strategy? If yes, describe your method and result in detail C. (6 points) Now suppose there is some change to the payoff matrix, find the Nash equilibrium for...
с 1. Basic Game Theory (21 points) It Consider the following game Player 2 ID Player 1 A 20,22 21.24 B 18,23 20.18 f No: no A. (6 points) Does player I have a dominant strategy. If yes, describe it. "Velthen Planchonit in one of B. (9 points) Can this game be solved by the elimination of dominated strategy? If yes, describe your method and result in detail C. (6 points) Now suppose there is some change to the payoff...
2. Price Discrimination (24 points) First indicate the types of price discrimination for the cases below. Then explain the differences between the different types of price discrimination that you find in these examples. Al movlet Segretention Case A: Pop singer XXX is announcing a concert tour starting next summer, and there is a 20% price discount for those loyal fans who have always been actively participating in XXX's official fan club in the last two years. For those concert goers...
You have 15 minutes to solve the exam. Write down all your answers in the bluebooks, and mark your answers properly. For callation questions, you need to show all major steps. Good Luck 1. Basie Game Theory 21 points) Consider the following game Player 2 2026 1833 22.18 A. (6 points) Does player I have a dominant strategy. If yes, describe it. B p oints) Can this game be solved by the elimination of dominated strategy? If yes, describe your...
1. (20 points) Consider the following game: Left 7,17 10,5 4,4 Top Middle Bottom Player B Middle 21,21 14,4 7,3 Right 14,11 4,3 10,25 Player A a. Does either player have a dominant strategy? What about a dominated strategy? b. What are the Nash equilibria of this game? C. Is there one Nash equilibrium that you think is a more likely outcome than the others? If so, why? If not, why not? d. Now suppose the game looks like this:...
2. Consider a Firm (Player 1) that produces a unique kind of drug that is used by a Consumer (Player 2). This drug is regulated by the government so that the price of the drug is p 6. This price is fixed, but the quality of the drug depends on the manufacturing procedure. The "good" (G) manufacturing procedure costs 4 to the firm, and yields a value of 7 to the consumer. The "bad" (B) manufacturing procedure costs 0 to...
Player 2 Left Right Player 1 Up 10,10 2,5 Down 5,2 2,2 6. If the game in #5 is sequential what is the equilibrium? 7. What does Common Knowledge of the game mean and why is it important? 8. Consider the following market with two firms. Suppose that firms produce identical goods and are faced with the inverse market demand curve P = 100 - 20. Further, suppose that firms have identical cost functions of C = 10 + 20q....
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills and can take one of the following two actions: (i) she can give S20 to Bob or (ii) she can give one of the S10 bills to Bob. All the money will be used to buy popcorns before the movie they will see. Each one dollar of popcorn gives one unit of payoff for the player who buys it. In the second step, they...
Problem 2.(20 points) Consider the following game: In the first step, Alice has two $10 bills and can take one of the following two actions: (i) she can give S20 to Bob or (ii) she can give one of the S10 bills to Bob. All the money will be used to buy popcorns before the movie they will see. Each one dollar of popcorn gives one unit of payoff for the player who buys it. In the second step, they...
1. Consider the coupon game. But suppose that instead of
decisions being made simultaneously, they are made sequentially,
with Firm 1 choosing first, and its choice observed by Firm 2
before Firm 2 makes its choice.
a. Draw a game tree representing this game.
b. Use backward induction to find the solution. (Remember that
your solution should include both firms’ strategies, and that Firm
2’s strategy should be complete!)
2. Two duopolists produce a homogeneous product, and each has a...
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