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BEA104 Game Theory for Business and Social Sciences

Question

Answered

Question:

Answer all the following questions.

1.

Find all the pure strategy Nash equilibria in the following  Provide details of the solution concept used explaining all the steps

 

P2

North

South

East

 

P1

Earth

10, 20

20, 10

10, 0

Water

0, 50

10, 20

70, 40

Wind

-10, 10

30, 0

50, 20

 

  1. P2: north dominates south (20>10, 50>20, 10> 0), making south a dominated strategy, which yields the below:

 

P2

North

East

 

P1

Earth

10, 20

10, 0

Water

0, 50

70, 40

Wind

-10, 10

50, 20

 

The highlighted is the only NE that I can identify; is there anymore?

2.

The trust game is a two-player sequential-move game. Player 1, the Trustor, has an endowment (E), which he can invest in a project by the Player 2, the Trustee. If the Endowment is invested, the Trustee generates a profit of 3E, which he is free to share (give back 1.5E to the Trustor) or not share (give back 0 to the Trustor) with the Trustor.
  1. Represent this sequential game in its extensive form (game tree). Using rollback (backward induction), state what is the equilibrium which will be achieved in this game.

Slightly confused by the endowment not being numerically specified, hence the 0 (-x?).

  1. Performbrief review of the academic literature of Trust  Describe behavior of individuals in this game with respect to the predictions you outlined in part (a). In your own words, why do you think behavior deviates from the rollback equilibrium in these games? [Spend no more than a page on answering this question]

3.

Two players John and Dany come from Denmark, which imposes a strong cultural value on equality. They are to participate in a game where they are put in separate rooms and are each to pick one of the five letters: G, K, L, Q or W. If they choose the same letters, only then they both get prizes as follows. Otherwise they get 0.

Letter

G

K

L

Q

W

John’s Prize

1

2

3

4

5

Dany’s Prize

5

4

3

3

1

 

  1. Draw the table for this game and identify the Nash equilibria.

 

 

 

Dany

 

 

G

K

L

Q

W

John

G

1, 5

1, 4

1, 3

1, 2

1, 1

K

2, 5

2, 4

2, 3

2, 2

2, 1

L

3, 5

3, 4

3, 3

3, 2

3, 1

Q

4, 5

4, 4

4, 3

4, 2

4, 1

W

5, 5

5, 4

5, 3

5, 2

5, 1

Absolutely clueless on how to construct this…

  1. Can one of the equilibria be a focal point? Which one? Why?

BEA104 Game Theory for Business and Social Sciences

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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Question One  1.The consumer price index for the current year measures the cost of a standard basket in the _____ year relative to the cost of the same basket in the _____ year. a)current; base b)current; current c)base; index d)base; current 2.Suppose that the total expenditures for a ty ...

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· Open the file IL_EX19_CS1-4a_FirstLastName_1.xlsx, available for download from the SAM website.· Save the file as IL_EX19_CS1-4a_FirstLastName_2.xlsx by changing the “1” to a “2”.o If you do not see the .xlsx file extension in the Save As dialog box, do not ty ...

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