Suppose the payoff table below describes a two-player, one-shot simultaneous move (decision) game in
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 | ||
a. Does player 1 have a dominant strategy. Explain why or why not?
b. Does player 2 have a dominant strategy. Explain why or why not?
c. Find the Nash equilibrium (or equilibria) of this game. Explain your answer.
d. Rank the strategy pairs from highest to lowest, in terms of the joint (aggregate) payoff.
e. Can the outcome with the highest joint (aggregate) payoff be sustained in equilibrium? Explain why or why not.
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See Answer: The solution consists of 2 pages
Solution Format: Word Document
Solution Format: Word Document
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