Statistics Solutions

(See) Suppose the payoff table below describes a two-player, one-shot simultaneous move (decision) game in which each player can choose either strategy

Question: Suppose the payoff table below describes a two-player, one-shot simultaneous move (decision) game in which each player can choose either strategy A or strategy B .

Player 1
Player 2
Strategy A B
A $500, $500 $0, $650
B $650, $0 $100, $100
  1. Does player 1 have a dominant strategy. Explain why or why not?
  2. Does player 2 have a dominant strategy. Explain why or why not?
  3. Find the Nash equilibrium (or equilibria) of this game. Explain your answer.
  4. Rank the strategy pair s from highest to lowest, in terms of the joint (aggregate) payoff.
  5. Can the outcome with the highest joint (aggregate) payoff be sustained in equilibrium? Explain why or why not .

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