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ECON10004 Final: Games with Sequential Moves

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orangemole587
25 May 2018
School
University of Melbourne
Department
Economics
Course
ECON10004
Professor
John Freebairn, Eik Swee

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Strategic situations in which there is a strict order of play
Players decide current moves based on calculations of future consequences
Games with sequential moves
Thursday, 18 May 2017 12:47 PM
Intro Micro Page 1
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Entry decision of a challenger into a race
Incumbents know that challengers are considering entering the race and make decisions in
anticipation of a challenger's response
Values increase with attractiveness of outcome
-
Associate numerical values with each outcome
Senate race
Thursday, 18 May 2017 12:49 PM
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Document Summary

St(cid:396)ategi(cid:272) situatio(cid:374)s i(cid:374) (cid:449)hi(cid:272)h the(cid:396)e is a st(cid:396)i(cid:272)t o(cid:396)de(cid:396) of pla(cid:455) Pla(cid:455)e(cid:396)s de(cid:272)ide (cid:272)u(cid:396)(cid:396)e(cid:374)t (cid:373)o(cid:448)es (cid:271)ased o(cid:374) (cid:272)al(cid:272)ulatio(cid:374)s of futu(cid:396)e (cid:272)o(cid:374)se(cid:395)ue(cid:374)(cid:272)es. E(cid:374)t(cid:396)(cid:455) de(cid:272)isio(cid:374) of a (cid:272)halle(cid:374)ge(cid:396) i(cid:374)to a (cid:396)a(cid:272)e. I(cid:374)(cid:272)u(cid:373)(cid:271)e(cid:374)ts k(cid:374)o(cid:449) that (cid:272)halle(cid:374)ge(cid:396)s a(cid:396)e (cid:272)o(cid:374)side(cid:396)i(cid:374)g e(cid:374)te(cid:396)i(cid:374)g the (cid:396)a(cid:272)e a(cid:374)d (cid:373)ake de(cid:272)isio(cid:374)s i(cid:374) a(cid:374)ti(cid:272)ipatio(cid:374) of a (cid:272)halle(cid:374)ge(cid:396)"s (cid:396)espo(cid:374)se. Challe(cid:374)ge(cid:396)s (cid:449)at(cid:272)h (cid:271)eha(cid:448)iou(cid:396) of i(cid:374)(cid:272)u(cid:373)(cid:271)e(cid:374)ts to assess (cid:272)ha(cid:374)(cid:272)es of (cid:449)i(cid:374)(cid:374)i(cid:374)g. Most easil(cid:455) illust(cid:396)ated usi(cid:374)g ga(cid:373)e t(cid:396)ees (cid:894)e(cid:454)te(cid:374)si(cid:448)e fo(cid:396)(cid:373) of a ga(cid:373)e(cid:895) Illust(cid:396)ates all possi(cid:271)le a(cid:272)tio(cid:374)s that (cid:272)a(cid:374) (cid:271)e take(cid:374) (cid:271)(cid:455) all pla(cid:455)e(cid:396)s. De(cid:272)isio(cid:374) (cid:374)ode = spe(cid:272)ifi(cid:272) poi(cid:374)ts at (cid:449)hi(cid:272)h de(cid:272)isio(cid:374)s a(cid:396)e (cid:373)ade a(cid:374)d asso(cid:272)iated (cid:449)ith the pla(cid:455)e(cid:396) (cid:449)ho (cid:272)hooses a(cid:374) a(cid:272)tio(cid:374) at that (cid:374)ode. I(cid:374)itial (cid:374)ode = de(cid:272)isio(cid:374) (cid:374)ode that (cid:396)ep(cid:396)ese(cid:374)ts sta(cid:396)ti(cid:374)g poi(cid:374)t of the ga(cid:373)e. Te(cid:396)(cid:373)i(cid:374)al (cid:374)ode = e(cid:374)d poi(cid:374)ts a(cid:374)d asso(cid:272)iated (cid:449)ith a set of out(cid:272)o(cid:373)es fo(cid:396) pla(cid:455)e(cid:396)s (cid:894)pa(cid:455)offs (cid:396)e(cid:272)ei(cid:448)ed (cid:271)(cid:455) pla(cid:455)e(cid:396)s if ga(cid:373)e follo(cid:449)s (cid:271)(cid:396)a(cid:374)(cid:272)hes that lead to the (cid:374)ode(cid:895) Rep(cid:396)ese(cid:374)t possi(cid:271)le a(cid:272)tio(cid:374)s that (cid:272)a(cid:374) (cid:271)e take(cid:374) f(cid:396)o(cid:373) a(cid:374)(cid:455) de(cid:272)isio(cid:374) (cid:374)ode.

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Related Questions

*Article*

The U.S. economy is revving up just as Europe and other major economies lose steam, jeopardizing a rare period in which the world’s largest economies have been accelerating in unison.

The European Central Bank on Thursday took another step toward ending the massive stimulus measures it has used in an effort to boost growth since 2015. But ECB officials also said they would hold interest rates steady through summer next year, a sign that they felt the eurozone economy remains fragile.

In an indication of growing economic vigor in the U.S., the Federal Reserve on Wednesday tapped the brakes again, raising the benchmark interest rate by a quarter of a percentage point and signaling it may quicken the pace of future rate increases because of a strengthening economy and tightening labor markets.

The economies’ diverging paths were expressed most prominently in the euro, which on Thursday suffered its worst day against the dollar in two years. The euro lost 1.88% against the U.S. currency, its biggest drop since the day after the U.K. voted to leave the European Union.

The central bank announcements over the past two days offered the latest evidence that heady growth expectations for Europe and other major economies outside the U.S. might not be achieved, defying analysts who began the year convinced that the world economy’s first synchronized expansion in years would continue.

The International Monetary Fund said in January that the world’s seven largest economies each grew more than 1.5% in 2017, and it predicted more solid growth this year. Global manufacturing was booming and the IHS Markit global purchasing managers index that month was its strongest in nearly seven years.

Many investors counted on a revitalized Europe to lead that growth in 2018. But recent labor strikes in France, political turmoil in Italy and softer economic data are causing investors to rethink that premise. Germany last week reported that factory orders dropped 2.5% in April, while eurozone growth was 0.4% in the first quarter, down from 0.7% in the final quarter of 2017. On Thursday, the ECB revised down its eurozone growth expectations for this year to 2.1%, from 2.4%.

“When we look at Europe, the very strong momentum we saw in data last year has been waning this year,” said Holly MacDonald, chief investment strategist at Bessemer Trust.

Europe isn’t the only region to show signs of cooling down. The People’s Bank of China this week also left a suite of key short-term interest rates unchanged. New data showed business activity, including investment and retail sales, slowed in May, suggesting the world’s second-largest economy is facing growing headwinds.

The disappointing figures “warranted China to take a cautious tone,” said Tommy Xie, an economist at OCBC Bank.

In the U.S., meanwhile, recent data suggest an economic expansion that just became the second-longest in the nation’s history is accelerating, rather than slowing down.

The U.S. economy grew modestly over the winter—at a 2.2% annual rate in January through March—but seems to be ramping up further this spring. Growth is on track to exceed a 4% pace in the three months ending in June, which would be the fastest of any quarter in almost four years.

Spending at U.S. retailers soared 0.8% in May, the biggest jump in six months, according to U.S. government data released on Thursday. Consumers, spurred by tax cuts and the lowest unemployment in half a century, shelled out more for cars, clothing, building supplies, health products and bar tabs.

“We may be entering a new level of consumer spending right now,” said economist Robert Frick of the Navy Federal Credit Union. He pointed out that more and more blue-collar workers are finding work as the labor expansion endures, and those workers tend to spend a greater portion of their incomes, out of necessity, than higher-income workers, who save more.

He added that low unemployment, strong consumer spending and modest inflation are likely to keep the economy on strong footing this year: “We’re in a Goldilocks zone right now.”

In the eurozone, rates have stayed pegged at negative levels—now at minus 0.4%—since 2014. Despite some initial concerns, investors have become more relaxed about possible unintended effects of negative rates on the economy.

On Thursday, investors reacted to the ECB’s announcement to end bond purchases while keeping rates low longer by selling the euro and bidding up stocks. It is the latest example of interest-rate moves returning to the driver’s seat of monetary policy. In the wake of the financial crisis, central bankers rolled out a raft of unprecedented and complex measures, including bond buying and lending facilities for banks, pitching them as a way to lower long-term borrowing costs at a time when short-term rates could go no lower.

Not all investors are ready to write off Europe’s growth prospects. Roland Kaloyan, head of European equity strategy at ?Société Générale, believes that lackluster economic data in the first quarter is a “temporary soft patch,” and that “fundamentals remain very solid for eurozone growth,” whereas he expects the U.S. economy to go into a recession around 2020.

Others believe the euro will continue to weaken further this year, but think that markets are swinging too far in favor of U.S. growth.

Next year, “we expect the euro to rebound against the dollar even if the ECB only hikes late in the year,” said Ingvild Borgen Gjerde, an analyst at Capital Economics. “We think the Fed’s tightening cycle will come to an end in mid-2019, far sooner than is discounted in the markets.”

*question*

4. Should a goal of monetary policymakers be to raise the value of its currency? How would a currency appreciate both help and hurt an economy? If a central bank wants to appreciate its currency, how in practice would it do so?

The vast majority of consumers have a relatively inflexible leisure budget. If a sports team moves to town, the money one spends taking a family to a game typically is money that is not spent at a local bowling alley, golf course, restaurant or theatre. The net effect on spending in the metropolitan area then is zero or very closes to zero. While sports teams may rearrange the spending and economic activity in an urban area, they are not likely to add much to it. An important exception to this reasoning occurs when sports teams attract new money into an area. If it were true, as the Boston Red Sox claim, that 35 percent of the fans at a typical game in Fenway Park came from out of state, then each game would bring tens of thousands of dollars of new demand to the Boston metropolitan area. Several qualifiers should be noted, however. First, the experience of major league teams in the various sports suggests that the general range of fans from "out of the area" is from 5 to 20 percent (Noll and Zimbalist, 1997a, chs. 2, 15; Crompton, 1995). Of course, this range depends on how one defines "the area." A strict definition of urban limits and, hence, a smaller radius around the stadium or arena, implies a larger percentage from outside the area. A combined metropolitan statistical area that includes several counties implies a smaller proportion of fans from outside the area. Thus, the smaller the radius, the greater the amount of "new spending." Conceptually, the benefit principle of taxation would imply that the delineated area should coincide with the tax jurisdiction that supports the construction and operation of the facility.6 Second, there is considerable evidence that out-of-state fans at most sporting events do not come to town because of the game. Rather, they are in town for business reasons, to see family or for other leisure activities. If they were not at the game, they would spend their money on other entertainment in the same city. Hence, their disbursements in and around the ballpark substitute for another local spending. Further, they may be guests of a local business or family who pays for the tickets and concessions, in which case there also is no new money attracted from outside of the area (Noll and Zimbalist, 1997b). Some stadium proponents have also argued that the local sports team attracts visiting media personnel from other cities. This, of course, is as true for journalists as it is for television or radio reporters and team members themselves. But there is no net contribution here because the inflow is offset by a similar outflow of team members and media personnel when the local team plays away games. Finally, in addition to attracting some new spending from out-of-state fans coming to ball games, professional sports teams also receive distributions of national television contracts and other funds from their central league office. To the extent that these funds remain in the local economy, additional new local demand may be attributed to a sports team. As we shall see in the next section, however, certain substantial leakages retard this effect.

1. Read the above sentences and explain how a substitution effect is relevant for evaluating the economic impact of professional sports franchises.

Hi. You should write a Java program to meet the specification shown below. 

In this game(dice poker), the computer rolls two standard six-sided dice and you bet on the outcome. The outcome is the configuration of the numbers rolled (explanation below). The input/output should utilise a graphical user interface (input and message boxes).

 

1.1 Game flow

You start with some money in your bank. You play a number of rounds, where for each round you place a bet and the computer rolls the dice, checks results and modifies your bank balance. After certain conditions, the game ends and you're presented with some final information shown as a message box.

 

1.2 Placing bets

Before the computer rolls the dice, you can bet some money from your bank.

ˆ If the numbers are sequential (e.g. 1 and 2, 5 and 4, etc. Not 6 and 1), you earn double your bet.

ˆ If the numbers are identical (rolling doubles), you earn triple your bet.

ˆ Otherwise, you win nothing therefore you lose the amount of money you bet.

Before placing a bet, the computer should inform you of your current bank balance.

 

1.3 Starting Game- Game rules

When the game starts you are given £6 in your bank. Each bet costs £1 and you are allowed to make up to five bets before the game ends. The game will end if you run out of money, or you have no more attempts left (you made all five bets). At the end of the game, you will be told which of these conditions has ended the game.

 

1.4 Results display

Once the game has finished (all bets have been placed or you ran out of money) the computer will collate and display the results in a single message box, comprised by:

ˆ On row per bet, displaying your bet, the numbers rolled, the amount of money earned or lost for that bet.

ˆ One row at the end, displaying the amount of money that you have remaining in your bank at the end of the game.

 

1.5..Variable bet amount

Allow the user to change how much they would like to bet and change the amount you win accordingly. Allow bets between £1 and 4£ (integers only)

 

1.6.High score table

Create a high score table. The more money you have remaining in your bank at the end of the game the higher up the table you will be. In order to implement this, players will have to enter their name before they play. The high score table should be displayed as a separate message box after the results have been displayed at the end of the game(1.4)

Not1: Please use JoptionPane class instead of scanner class. 

Not2: Also If possible explain the description of your classes: what each does and how they relate to each other. And if possible, program should be extensible. E.g. Is it easy to change the number of dice? The number of rounds to play? The sides of the dice?Etc.