Question

Player 1 chooses T, M, or B. Player 2 chooses L, C, or R. L C...

Player 1 chooses T, M, or B. Player 2 chooses L, C, or R.

L C R
T 0, 1 -1, 1 1, 0
M 1, 3 0, 1 2, 2
B 0, 1 0, 1 3, 1

(2 points each)   

(a) Find all strictly dominated strategies for Player 1. You should state what strategy strictly dominates them.

(b) Find all weakly dominated strategies for Player 2.  You should state what strategy weakly dominates them.

(c) Is there any weakly dominant strategy for player 1? If yes, find it.

(d)  Is there any weakly dominant strategy for player 2? If yes, find it.

(e) Find all pure-strategy Nash equilibria.

(f) Determine if each equilibrium is Pareto efficient.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A hundred players are participating in this game (N = 100). Each player has to choose...
A hundred players are participating in this game (N = 100). Each player has to choose an integer between 1 and 100 in order to guess “5/6 of the average of the responses given by all players”. Each player who guesses the integer closest to the 5/6 of the average of all the responses, wins. (a) Q4 Find all weakly dominated strategies (if any). (b) Find all strategies that survive the Iterative Elimination of Dominated Strategies (IEDS) (if any). IEDS:...
Consider the following one-shot simultaneous game: Firm 2 Advertising campaign Do nothing Firm 1 Advertising campain...
Consider the following one-shot simultaneous game: Firm 2 Advertising campaign Do nothing Firm 1 Advertising campain 3, 8 20, 8 Offer discounts 6, 8 9, 2 Do nothing 7, 10 9, 12 a. State all the dominated strategies in the game, by which strategy they are dominated, and whether weakly or strictly. b. What is the equilibrium outcome by dominance (by elimination of dominated strategies), if any? c. What is (or are) the pure strategy Nash equilibria of this game?
For each of the following games: 1) Identify the Nash equilibrium/equilibria if they exist, 2) identify...
For each of the following games: 1) Identify the Nash equilibrium/equilibria if they exist, 2) identify all strictly dominant strategies if there are any, and 3) identify the Pareto-optimal outcomes and comment whether they coincide with the Nash Equilibrium(s) you found. Also, 4) would you classify the game as an invisible hand problem, an assurance game, a prisoners dilemma or none of these? Row Player (R1) (R2) Column Player     (C1)                         (C2) (-1,-1) (-5,0) (0,-5) (-4,-4)
Firm B Strategy 1 Strategy 2 Strategy 1: 24, 24 14, 30 Firm A Strategy 2:...
Firm B Strategy 1 Strategy 2 Strategy 1: 24, 24 14, 30 Firm A Strategy 2: 30, 14 20, 20 1. (2 pts.) Does Firm A have a dominant strategy? _Yes_ If yes, which strategy? _Strategy 1_ 2. (2 pts.) Does Firm B have a dominant strategy? _No__ If so, which strategy? _ 3. (3 pts.)Are there any Nash equilibria? If there are any Nash equilibria, identify any and all of them.
16. Two gas stations, A and B, are locked in a price war. Each player has...
16. Two gas stations, A and B, are locked in a price war. Each player has the option of raising its price (R) or continuing to charge the low price (C). They will choose strategies simultaneously. If both choose C, they will both suffer a loss of $100. If one chooses R and the other chooses C, (i) the one that chooses R loses many of its customers and earns $0, and (ii) the one that chooses C wins many...
Player 1                               Player 2 Left Right Up $1,200, $700 $1,800, $600
Player 1                               Player 2 Left Right Up $1,200, $700 $1,800, $600 Down $1,000, $3,000 $1,750, $4,000 1. Which of the following is true? A. Player 1 has a dominant strategy, and Player 2 does not.   B. Player 2 has a dominant strategy, and Player 1 does not. C. The Nash Equilibrium equals Player 1 Down, Player 2 Right D. The Nash Equilibrium equals Player 1 Down, Player 2 Left 2. Which of the following is true? A. Player 2...
Below is a game between player A and player B. Each player has two possible strategies:...
Below is a game between player A and player B. Each player has two possible strategies: 1 or 2. The payoffs for each combination of strategies between A and B are in the bracket. For example, if A plays 1 and B plays 1, the payoff for A is 1 and the payoff for B is 0. Player B Strategy 1 Strategy 2 Player A Strategy 1 (1,0) (0,1) Strategy 2 (0,1) (1,0) How many pure strategy Nash equilibria does...
There are two players. First, Player 1 chooses Yes or No. If Player 1 chooses No,...
There are two players. First, Player 1 chooses Yes or No. If Player 1 chooses No, the game ends and each player gets a payoff of 1.5. If Player 1 chooses Yes, then the following simultaneous-move battle of the sexes game is played: Player 2 O F Player 1 O (2,1) (0,0) F (0,0) (1,2) Using backward induction to find the Mixed-Strategy Subgame-Perfect Equilibrium.
Below is a game between player A and player B. Each player has two possible strategies:...
Below is a game between player A and player B. Each player has two possible strategies: 1 or 2. The payoffs for each combination of strategies between A and B are in the bracket. For example, if A plays 1 and B plays 1, the payoff for A is 1 and the payoff for B is 0. Player B Strategy 1 Strategy 2 Player A Strategy 1 (1,0) (0,1) Strategy 2 (0,1) (1,0) How many pure strategy Nash equilibria does...
1. A game with two players, Player 1 and Player 2, is represented in the matrix...
1. A game with two players, Player 1 and Player 2, is represented in the matrix below. Player 1 has two possible actions, U, M and D, and Player 2 has three possible actions, L, C and R. Player 2    L C R U 1,0 4,2 7,1 Player 1 M 3,1 4,2 3,0 D 4,3 5,4 0,2 (a) Which of player 1’s actions are best responses when player 2 chooses action R? (b) Which of player 1’s actions are...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT