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Yakvenalex [24]
3 years ago
5

Suppose Hubert and Kate are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix

that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Hubert chooses Right and Kate chooses Right, Hubert will receive a payoff of 5 and Kate will receive a payoff of 3.
Kata
Left Right
Hurbert Left 8,4 4,5
Right 5,4 6,4
The only dominant strategy in this game is___for____choose The outcome reflecting the unique Nash equilibrium in this game is as follows: Hubert chooses_____and Kate chooses_____.
Business
1 answer:
FinnZ [79.3K]3 years ago
7 0

Answer:

Best response for Kate  

If Hubert chooses left, Kate would have to choose Right so that Kate can make a payoff of 5.  

If Hubert chooses right, Kate would still choose right to make a payoff of 5.

Best response for Hubert  

If Kate chooses left, Hubert would choose Left to get a payoff of 8.  

If Kate chooses right, Darnell would choose right so as to make a payoff of 6.

The dominant strategy is the one that a player can pick regardless of the action of the other play.

<h2><em>The only dominant strategy in this game is for </em><em><u>Kate</u></em><em> to choose </em><em><u>right.</u></em></h2>

Kate will choose right regardless of what Hubert does because it will give the higher payoff. This is the dominant strategy.

<h2><em>The outcome reflecting the unique Nash equilibrium in this game is as follows: Hubert chooses </em><em><u>right</u></em><em> and Kate chooses </em><em><u>right</u></em><em>.</em></h2>

Kate will always choose right which would prompt Hubert to pick right as wel as as to make a payoff of 6.

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Answer:

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Given:

Company                            L                M

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Market value of L = 200 lbs × $8/lbs

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Market value of M = 150 lbs × $16/lbs

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