Guessing the class average game:
Suppose we have 30 students enrolled in intermediate microeconomics class and everyone participates in the game to guess the class average. Each student can pick an integer between 0 and 100( with 0 and 100 included), whoever picks the number that is closest to the class average( calculated from all the guessed numbers) will be the winner(s). What is (are) the Nash Equilibrium( Equilibria) for this game? Explain.
Guessing the 1/3 of class average game:
Suppose we have 30 students enrolled in intermediate microeconomics class and everyone participates in the game to guess the 1/3 of class average. Each student can pick an integer between 0 and 100( with 0 and 100 included), whoever picks the number that is closest to the 1/3 of class average( calculated from all the guessed numbers) will be the winner(s). What is (are) the Nash Equilibrium( Equilibria) for this game? Explain.
There is only one unique nash equilibrium of this game which is (0,0). Any number above 50/3 is a weakly dominant strategy because given that all players are rational, no player would opt for any number above 50/3. Now, similarly nobody would opt for a number over 50/3 and 1/3 or 50/3 and so on till they reach zero.
This is only possible when all players are rational. If other players do not follow similar chain of elimination then the nash equilibrium will not be reached, which happens when such experiments are conducted between people.
Guessing the class average game: Suppose we have 30 students enrolled in intermediate microeconomics class and everyone...
Project 7-3 Guessing Game import java.util.Scanner; public class GuessNumberApp { public static void main(String[] args) { displayWelcomeMessage(); // create the Scanner object Scanner sc = new Scanner(System.in); String choice = "y"; while (choice.equalsIgnoreCase("y")) { // generate the random number and invite user to guess it int number = getRandomNumber(); displayPleaseGuessMessage(); // continue until the user guesses the number int guessNumber = 0; int counter = 1; while (guessNumber != number) { // get a valid int from user guessNumber...
[15 marks] Suppose that students enrolled in one course are required to take four tests, and each student’s final grade for this course is the average of his/her grades of these four tests. This question asks you to write a program that can be used to compute the lowest final grade, highest final grade and the average final grade. General Requirements: Use a5q1.c as the name of your C source code file. We will use the following command on bluenose...