Nash Equilibrium is Group of answer choices a) a strategy that must appear in every game b) the best strategy for a player to follow only if other players are cooperative c)a strategy that leads to one player's interests dominating the interests of the other players d)a situation where no person has an incentive to change their strategy unless someone else changes theirs.
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- The bimatrix represents a simultaneous move game between Rowena and Colin. Rowena's payoff is the left number in each cell. ROWENA O O 2 Calculate Rowena 's expected payoff in the mixed strategy Nash equilibrium. 3.5 2.5 Up Down 3 Left 1,16 2,20 COLIN Right 4,6 3,40What term refers to the optimal action that a player can take, regardless of the opponents' actions? Oa Nash strategy a payoff strategy a cooperative strategy a dominant strategyYou are playing a game with a friend. It’s yourmove but you don’t have a dominant strategy.Your payoff depends on what your friend doesafter your move. You consider flipping a coin todecide what to do. You are about to reach for acoin, but then you realize that your friend has adominant strategy. Explain how using backwardinduction (rather than a coin toss) will now determine your next move
- Team 2 plays A Team 2 plays B Team 1 plays A 2, 1 0,0 Team 1 plays B 0,0 1, 2 Consider the game above. Which of the following is a Nash Equilibrium of the game? O Team 1 plays A two thirds of the time and plays the rest of the time, while team 2 plays A two thirds of the time and plays B the rest of the time. Team 1 plays A one quarter of the time and plays B the rest of the time, while team 2 plays A one quarter of the time and plays B the rest of the time. Team 1 plays A one quarter of the time and plays B the rest of the time, while team 2 plays A three quarters of the time and plays B the rest of the time. O None of the other answers are correct. Team 1 plays A two thirds of the time and plays B the rest of the time, while team 2 plays A one third of the time and plays B the rest of the time.i. ii. QUESTION ONE A. A Nash equilibrium is a strategy profile such that every player's strategy is the best response to all the other players. It requires that each player makes a best response and that expectations regarding the play of other players are correct. Below is the table showing strategies and payoff for Player 1 and Player 2. PLAYER 1 R1 R2 R3 R4 C1 0,7 5,2 7,0 6,6 C2 2,5 3,3 2,5 2,2 PLAYER 2 C3 7,0 5,2 0,7 4,4 CA 6,6 2,2 4,4 10,4 REQUIRED; Transform the normal form game above into an imperfect extensive game form Find the Nash equilibrium for the game above using iterative deletion of strictly dominated strategies. Find the Nash equilibrium using brute force or cell by cell inspection.Which of the following DOES NOT accurately describe a Nash equilibrium? O It is the set of strategies which provides the players with the highest possible combined payoffs. All of these choices accurately describe a Nash equilibrium. O It is a set of strategies such that no player can receive a higher payoff by changing only their own strategy. It is a set of strategies such that no player, after seeing what the other players' strategies were, regrets their choice of strategy. It is a set of strategies such that every player, after seeing what the other players' strategies were, is satisfied (if not actually happy) with their choice of strategy.
- Player 1 Cooperate (C) Defect (D) Cooperate (C) 3,3 8,0 Player 2 Defect (D) 0,8 1,1 In general, a combination of strategies is a Nash equilibrium if ... Every player is choosing a best response against the other players' strategies. Every player has a positive payoff. The players maximize the sum of their payoffs. The players choose identical strategies. If the game is repeated, which cooperative actions could benefit both players? O Both players choose C. Player 1 chooses C, Player 2 chooses D. O Player 1 chooses D, Player 2 chooses C. Both players choose D.Game theory Consider a simultaneous move game with two players. Player 1 has three possible actions (A, B, or C) and Player 2 has two possible actions (D or E.) In the payoff matrix below, each cell contains the payoff for Player 1 followed by the payoff for Player 2. Player 2 7. Player 1 ہے A B C D -3, -3 0, -11 -4, 3 -11, E 0 -7, -7 -12, 0 (a) Identify any dominated strategies in this game. If there are none, state this clearly. (b) Identify any pure strategy Nash Equilibria in this game. If there are none, state this clearly.Tucker and Eddie are playing the following game. Tucker can choose A or B and Eddie can choose C or D. The first payoff is for Tucker, the second for Eddie. Eddie Tucker C D A 3, 2 4, 3 B 4, 5 3, 4 Identify the Nash equilibrium(s) in this game. What rational game theoretic advice would you offer Tucker and Eddie on how to play this game? If Tucker and Eddie follow your advice, what payoff should each expect? Show your work.
- Consider the following game : Stag Rabbit Stag 9, 9 0, 8 Rabbit 8, 0 7, 7 The first payoff is that of player 1 and the second that of player 2. a. ) Draw the extensive form of the simultaneous game. Find all the Nash equilibrium. p. Suppose player 1 moves first or we are in a sequential game now. Draw the extensive form in the sequential version. c. What is the subgame perfect Nash Equilibrium (SPNE) in the sequential version? d. ) Explain why it is an SPNE.Consider the group of games called the Prisoners' Dilemma games. Which of the following is not true about the games? Each player has a unique best response There is a Nash Equilibrium where both players randomize over their options O Each player cgyld do better if the Nash Equilibrium was not the outcome All of the other answers are correct Either player would be made better off if their opponent was to unilaterally deviate from a Nash EquilibriumAedri Quick Lesson in Game Theory A Nash Equilibrium is an outcome in which neither player is better off by changing their strategy. 2.7 Is a Dominant Strategy equilibrium also a Nash equilibrium? a) Yes b) No esc The Ice Cream Guys $3.99 $4.99 + Chucky's Chunky CCT: $20,000 $3.99 ICG: $20,000 CCT: $60,000 ICG: $10,000 tab Treats CCT: $10,000 $4.99 ICG: $60,000 CCT: $40,000 ICG: $40,000 The table above is the payoff matrix for the annual profit of the only two ice-cream-truck firms operating in Beach City. They are deciding the price of an ice cream cone. %3D caps lo 2.8 What is Chucky's dominant strategy? a) $3.99 b) $4.99 c) Not enough information hift 2.9 What is the dominant strategy equilibrium in this situation? a) Both charge $3.99 b) Both charge $4.99 c) CCT charges $3.99 and ICG charges $4.99 d) CCT charges $4.99 and ICG charges $3.99 2.10 Suppose these two firms engaged in collusion (which, of course, totally doesn't happen because it is against the law). Which outcome would…