So far, we have two ways to write a game: extensive form and strategic form. One...
So far, we have two ways to write a game: extensive form and strategic form. One of these is more suited to sequential games, and one is more suited to simultaneous games. Explain why, with reference to a simple game that could be played sequentially or simultaneously.
Homework Answers
Answer: Extensive form suited for both sequential games and simultaneous game as we can mark strategy as well as time simultaneously. We need to specify both strategy and time in both the game. While strategic form suited only for simultaneous games as we use them only for one period.
For an example, we can use extensive form to represent stackberg game in oligopoly where one firm moves ahead of other. But we will use strategic form while representing "prisoners dilemma" game.
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292 Part 3: Uncertainty and Strategy Shov 8.3 The game of Chicken is played by two macho teens who speed branded the chicken, whereas the one who does not veer gains peer- group esteem. Or course, t neither veers, both die of s toward each other on a single-lane road. The first Gan 120 of course, if neither veers, both die iote resulting crash. Payoftis to the Chicken game are provided in the following table. 8.6 The fol Teen...
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between the two nationally dominant coffee sellers, Corporate
Coffee and Jumbo Java, both of whom are considering opening coffee
shops in a new town. The payoffs represent, in thousands per month,
the profit (or loss) the firm will realize from its decision.
Assuming the two firms have perfect information about this game,
what can we conclude about the existence of a Nash equilibrium?
Select one:
A. The solution to...
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