Consider a two-player game where two candidates choose the amount to spend on campaign respectively. Each player has three levels of spending on campaign, low, medium, and high. The payoffs are summarized in the matrix below. Which of the following statements is correct?
|
Candidate A has a strictly dominant strategy. |
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Candidate B does not have a strictly dominant strategy. |
|
The game does not have an equilibrium in strictly dominant strategy. |
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(medium, medium) is a Nash equilibrium. |
|
None of the above. |
Homework Answers
Correct option is (A).
A dominant strategy is the strategy chose by a player irrespective of the strategy chosen by the other player.
Candidate A chooses strategy High, irrespective of whether Candidate B chooses Low, Medium or High, since payoff is highest (80 > 60 > 50, 65 > 50 > 40 and 50 > 35 > 20). So Candidate A's strictly dominant strategy is High.
Candidate B chooses strategy High, irrespective of whether Candidate A chooses Low, Medium or High, since payoff is highest (80 > 60 > 50, 65 > 50 > 40 and 50 > 35 > 20). So Candidate B's strictly dominant strategy is High.
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