Solutions Economics

A. Identify the equilibrium outcome (s) in each of the three payoff tables. I C1 C2 II C1

Question: A. Identify the equilibrium outcome (s) in each of the three payoff tables.

I C1 C2 II C1 C2 III C1 C2
R1 12,10 10,4 R1 12,10 4,4 R1 12,10 4,4
R2 4,8 9,6 R2 4,4 9,6 R2 4,-100 9,6

B. In each table, predict the exact outcome that will occur and explain your reasoning.

C. In table III, suppose the column player is worried that the row player might choose R2 (perhaps a 1 in 10 chance). Given this risk, how should the column player act? Anticipating the column player’s thinking, how should the row player act?

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