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What is the difference between Dominant strategy and mixed strategy? Please explain
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Solved in 4 steps
- Use the following normal-form game to answer the following questions. a. For what values of x is strategy D (strictly) dominant for player 2? b. For what values of x is strategy B (strictly) dominant for player 1? c. For what values of x is (B, D) the only Nash equilibrium of the game?What is meant by dominant strategy?What is the Pure Strategy Nash Equilibrium of this game?
- how do you describe the pure Nash equilibrium of a game, listing all equilibrium conditions.How expected Nash Equilibrium would be achieved in case of game with no Nash Equilibrium?Suppose Proctor & Gamble (PG) and Johnson & Johnson (JNJ) are simultaneously considering new advertising campaigns. Each firm may choose a high, medium or low level of advertising. a. What are each firm’s best responses to its rival’s strategies? b. Does either firm have a dominant strategy? c. What is the Nash equilibrium in this game?
- How Game theory really works in the world of Oligopoly?In a small town there are two pizza restaurants . If neither restaurant advertises, its revenue will not change. If only one firm advertises, the firm that advertises will double its revenue and the firm that doesn't advertise will see a decrease in its revenue, but if both firms advertise, their revenue will not change. What outcome would be predicted by game theory in this market? Both restaurants will advertise. Game theory would predict chat sometimes one restaurant would advertise, and the rest of the time both will advertise. Neither restaurant will advertise Game theory is only a theory and cannot predict real-world events. One restaurant will advertise.The following is a static game: Convert this game into dynamic form game. Find the Nash equilibrium and subgame perfect Nash equilibrium of this game. If you consider this game as dynamic then what kind of dynamic game is this.
