Use the following payoff matrix for a simultaneous move one shot game to answer the following...
Use the following payoff matrix for a simultaneous move one shot game to answer the following questions
| Player 2 | |||||
| Strategy | C | D | E | F | |
| player 1 | A | 6, 14 | 7, 11 | 18, 20 | 10, 19 |
| B | 12, 5 | 15, 1 | 7, 25 | 16, 17 |
Does player 1 have a dominant strategy? If yes, what is it? If
no, why not?
Does player 2 have a dominant strategy? If yes, what is it? If no,
why not?
Does this game have a Nash equilibrium? Please explain.
Homework Answers
When player 2 chooses C, then player 1 has more payoff in choosing B.
When player 2 chooses D, then player 1 has more payoff in choosing B.
When player 2 chooses E, then player 1 has more payoff in choosing A.
When player 2 chooses F, then player 1 has more payoff in choosing B.
Player 1 has a dominant strategy of choosing B but not strictly dominant strategy.
Hence, player 1 doesn't have any dominant strategy.
When player 1 chooses A, then player 2 has more payoff in choosing E.
When player 1 chooses B, then player 2 has more payoff in choosing E.
This implies that player 2 has a dominant strategy in choosing E.
By seeing both players best responses, Nash equilibrium = (A,E).
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