Homework Answers
Question 8, Answer is option (b) - D is strongly dominant.
Explanation: If player 2 chooses C strategy then, player 1 will choose D strategy because 5 is greater than 4. And if player 2 chooses D strategy then player 1 will again choose strategy D because 0 is greater than -1.
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8. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Obsession with infinitely improbable alternatives C. Manipulation by framing effects D. Becoming a "money pump E. Neglecting base rates 14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns) is characteristic of A. Risk neutrality B. Risk-seeking C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom...
The Axiom of Independence prevents what pathology of decision making? o In B. Inability to make...
The Axiom of Independence prevents what pathology of decision making? o In B. Inability to make choices under risk C. Obsession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic...
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic of A. Risk neutrality C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom of Independence prevents what pathology of decision making? A. Inability to make a decision of any kind for some choice sets B. Inability to make choices under risk C. Obession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of...
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Neglecting base rates C. Manipulation by framing effects D. Obsession with infinitely improbable alternatives E. Becoming a "money pump" The following applies to questions 8-9 below. Consider the following sequential game (note Player 1's payoffs are in the upper right cells): 5 3 0 -5 9. What dominant strategies, if any, does Player 2...
14. Which of the following is not part of the definition of a decision situation? A....
14. Which of the following is not part of the definition of a decision situation? A. Beliefs B. Choice Set C. Values D. Heuristics E. States of the World 15. Fill in the blank: The probability of a hypothesis after data is observed is called the probability. A. normative B. prior C. likelihood D. posterior E. independent 16. What heuristic involves considering only options which meet all of a fixed set of criteria? A. Win-Stay, Lose-Shift B. Optimization C. The...
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure...
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure thing" principle B. Becoming a "money pump C. Inability to make choices under risk D. Obsession with infinitely improbable alternatives E. Neglecting base rates 19. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 R. Player 2 L (2,-2) (0,2) R (2,0) (0,0) What is the best response of Player...
Player B Move B Mone B -1.-2 1.-3 2,3 2,2 The payoff matrix shows Player A...
Player B Move B Mone B -1.-2 1.-3 2,3 2,2 The payoff matrix shows Player A Movedi Move A Player A having two moves (A) and A) and Player B having two moves (B, and B). In each cell, Player A's payoff is on the left and Player B's payoff is on the right. What is the dominant strategy for each player assuming that they play/choose simultaneously. Select one: O a. Dominant strategies are A, B. O b. Dominant strategies...
Player II Player a,b B cdgh Consider the game in strategic form above where A, B,...
Player II Player a,b B cdgh Consider the game in strategic form above where A, B, C, and D are strategies and a, b, c, d, e, f, g, and h, are payoffs. Select all that apply. a. If (A,C) is a Nash Equilibrium then it must be that a 2 C b.Ifband d-hthen D is weakly dominated C. If A is weakly dominated and C is weakly dominant then (B,D) is a Nash equilibrium. d. Ifa> b and e...
Question 3: [5pt total] Consider the following game: Player 1 Player 2 X Y Z A...
Question 3: [5pt total] Consider the following game: Player 1 Player 2 X Y Z A 4,0 -3,8 -7, -1 B-4,3 0,6 9,5 C3,2 2,-1 11, 9 Let B1(-) and B2(-) be the best response function for player 1 and player 2 respectively. Calculate the following: 3)a) [1pt] B1(X) 3)b) [1pt] B2(B) 3)c) (1pt] Social Welfare Maximum: 3)d) [1pt] Dominant Strategies for Player 1: 3)) [1pt] Pure Nash Equilibriums:
Q2 Contribution Game Consider the following game. There are four players. Each player i (wherei 1,2,3,4)...
Q2 Contribution Game Consider the following game. There are four players. Each player i (wherei 1,2,3,4) si multaneously and independently selects her contribution s E [0, 10]. Each player gets a benefit related to all of the players choices of s,'s, but incurs a cost related to her own contribution s In particular, the payoff to each player i is given by: ul (s1 , s2, s3, s.) = si + s2 + s3 + 84-0.5s (a) Find best response...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Obsession with infinitely improbable alternatives C. Manipulation by framing effects D. Becoming a "money pump E. Neglecting base rates 14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns) is characteristic of A. Risk neutrality B. Risk-seeking C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom...
The Axiom of Independence prevents what pathology of decision making? o In B. Inability to make choices under risk C. Obsession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic of A. Risk neutrality C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom of Independence prevents what pathology of decision making? A. Inability to make a decision of any kind for some choice sets B. Inability to make choices under risk C. Obession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Neglecting base rates C. Manipulation by framing effects D. Obsession with infinitely improbable alternatives E. Becoming a "money pump" The following applies to questions 8-9 below. Consider the following sequential game (note Player 1's payoffs are in the upper right cells): 5 3 0 -5 9. What dominant strategies, if any, does Player 2...
14. Which of the following is not part of the definition of a decision situation? A. Beliefs B. Choice Set C. Values D. Heuristics E. States of the World 15. Fill in the blank: The probability of a hypothesis after data is observed is called the probability. A. normative B. prior C. likelihood D. posterior E. independent 16. What heuristic involves considering only options which meet all of a fixed set of criteria? A. Win-Stay, Lose-Shift B. Optimization C. The...
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure thing" principle B. Becoming a "money pump C. Inability to make choices under risk D. Obsession with infinitely improbable alternatives E. Neglecting base rates 19. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 R. Player 2 L (2,-2) (0,2) R (2,0) (0,0) What is the best response of Player...
Player B Move B Mone B -1.-2 1.-3 2,3 2,2 The payoff matrix shows Player A Movedi Move A Player A having two moves (A) and A) and Player B having two moves (B, and B). In each cell, Player A's payoff is on the left and Player B's payoff is on the right. What is the dominant strategy for each player assuming that they play/choose simultaneously. Select one: O a. Dominant strategies are A, B. O b. Dominant strategies...
Player II Player a,b B cdgh Consider the game in strategic form above where A, B, C, and D are strategies and a, b, c, d, e, f, g, and h, are payoffs. Select all that apply. a. If (A,C) is a Nash Equilibrium then it must be that a 2 C b.Ifband d-hthen D is weakly dominated C. If A is weakly dominated and C is weakly dominant then (B,D) is a Nash equilibrium. d. Ifa> b and e...
Question 3: [5pt total] Consider the following game: Player 1 Player 2 X Y Z A 4,0 -3,8 -7, -1 B-4,3 0,6 9,5 C3,2 2,-1 11, 9 Let B1(-) and B2(-) be the best response function for player 1 and player 2 respectively. Calculate the following: 3)a) [1pt] B1(X) 3)b) [1pt] B2(B) 3)c) (1pt] Social Welfare Maximum: 3)d) [1pt] Dominant Strategies for Player 1: 3)) [1pt] Pure Nash Equilibriums:
Q2 Contribution Game Consider the following game. There are four players. Each player i (wherei 1,2,3,4) si multaneously and independently selects her contribution s E [0, 10]. Each player gets a benefit related to all of the players choices of s,'s, but incurs a cost related to her own contribution s In particular, the payoff to each player i is given by: ul (s1 , s2, s3, s.) = si + s2 + s3 + 84-0.5s (a) Find best response...
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