Game Theory:
John and Dave are playing a game where they only have two
strategies, either...
Game Theory:
John and Dave are playing a game where they only have two
strategies, either to move left or move right. The payoffs from
this game are the points that each player will earn given the
strategies that each play. The higher the points, the higher the
payoffs each player will receive. The normal form representation of
the game is presented below.
DAVE
Left
Right
Left 1,1
0,3
Right 3,0
2,2
John's name label should be on...
Suppose we have a game where S 1 = { U,D } and S 2 =...
Suppose we have a game where S 1 = { U,D } and S 2 = { L,R } .
If Player 1 plays U, then her payoff is ? regardless of Player 2’s
choice of strategy. Player 1’s other payoffs are u 1 ( D,L ) = 0
and u 1 ( D,R ) = 12. You may choose any numbers you like for
Player 2 because we are only concerned with Player 1’s payoff.
a.) Draw the normal-form...
Suppose you and a classmate are playing a game where your
classmate proposes a division of...
Suppose you and a classmate are playing a game where your
classmate proposes a division of $1.00. Then, you either accept
or reject the offer. If you accept, then you and the classmate get
the proposed portions of the dollar. However, if you reject the
offer, then you and your classmate receive nothing.
Suppose your classmate offers you
$0.12
What is your optimal strategy?
Your optimal strategy is to accept the proposed division.
Now suppose instead that you...
Suppose you’re playing a dice game in which two 6-sided dice are
thrown, and players win...
Suppose you’re playing a dice game in which two 6-sided dice are
thrown, and players win when the sum of the values appearing on the
dice is at least 7. In the last 100 games, you’ve noticed that
players have won 95 times. Do you have any reason to believe that
the dice are unfairly weighted using the central limit theorem? I
have understood up to getting z=7.434. But how do you know to find
P(z>7.434) and not use P(x<7.434)....
Suppose two oil-producing countries are interested in forming a
cartel with the goal of colluding -–...
Suppose two oil-producing countries are interested in forming a
cartel with the goal of colluding -– an agreement to raise oil
prices (and profits) by limiting supply. Suppose, in each period,
simultaneously choose between their individual options: to collude
(Co) or to cheat (Ch) and over-produce, impacting the other
nation's revenues (shown in the following matrix)
country A Co 3,3 1,6,
Ch 6,1 2,2
a. What famous game format does this game follow (or what game
that we have...
Suppose you are playing a game of five-card poker where you are
dealt a hand of...
Suppose you are playing a game of five-card poker where you are
dealt a hand of 5 cards from a standard deck of 52 playing cards.
Each card has one of 13 values, 2,3,…,10,J,Q,K,A2,3,…,10,J,Q,K,A,
and one of 4 suits, ♡,♢,♠,♣♡,♢,♠,♣
A hand called a royal flush consists of cards of
the values 10,J,Q,K,A10,J,Q,K,A, all from the same suit. For
instance, a royal flush with hearts would be
10♡,J♡,Q♡,K♡,A♡10♡,J♡,Q♡,K♡,A♡.
Now, actually getting a royal flush in poker is incredibly rare (in...