Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table:
Player 2
Player 1
Left
Right
Top
7 4
2 2
Bottom
1 3
6 5
Left of payoff is player A and Right of Payoff is Player B
A) Does player 1 have a dominant strategy, and if so what is it?
B) Does player 2 have a dominant strategy and if so what is it?
C) For each of the following strategy combinations, write TRUE if it is a Nash Equilibrium, and FALSE if it is not:
i) Top/Left
ii) Top/Right
iii) Bottom/Left
iv) Bottom Right
D) If each player plays their maximin strategy, what payoff will each of them receive?
E) Now suppose the same game is played with the exception that Player 1 moves first and Player 2 moves second. Using the backward induction method, what will be the outcome of the game? (Hint: it will be helpful to sketch the game tree.)
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Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table:
| Player 2 | |||
| Player 1 | Left | Right | |
| Top | 7 4 | 2 2 | |
| Bottom | 1 3 | 6 5 | |
Left of payoff is player A and Right of Payoff is Player B
A) Does player 1 have a dominant strategy, and if so what is it?
B) Does player 2 have a dominant strategy and if so what is it?
C) For each of the following strategy combinations, write TRUE if it is a Nash Equilibrium, and FALSE if it is not:
i) Top/Left
ii) Top/Right
iii) Bottom/Left
iv) Bottom Right
D) If each player plays their maximin strategy, what payoff will each of them receive?
E) Now suppose the same game is played with the exception that Player 1 moves first and Player 2 moves second. Using the backward induction method, what will be the outcome of the game? (Hint: it will be helpful to sketch the game tree.)
Need to doublecheck my work and answers. Please Show Work.
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