Firm K Strategy A B Firm J X 8, 8 18, -4 Y -4, 18 10,...
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Firm K |
|||
|
Strategy |
A |
B |
|
|
Firm J |
X |
8, 8 |
18, -4 |
|
Y |
-4, 18 |
10, 10 |
|
- Does Firm J have a dominant strategy? If so, what is it?
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Identify all of the Nash equilibrium positions. If there is no Nash equilibrium, indicate “None.”
Homework Answers
Answer:
a) Yes, Firm J has a dominant strategy --
X.
reason: Firm J will always choose X no matter what strategy Firm K
will choose. Therefore, X is Firm J's dominant strategy.
b) Nash equilibrium: (X, A) with payoff (8, 8).
reason: Both firms have dominant strategies. X is Firm J's dominant strategy; and A is Firm K's dominant strategy. Each firm will select its dominant strategy no matter what the other firm does. So, (X, A) is the Nash equilibrium with payoff (8, 8).
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