ECON 3HH3 Midterm: ECON models
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7.
1 \ 2 |
L |
R |
U |
4, 4 |
0, 3 |
D |
5, 0 |
1, 1 |
If this game becomes a perfect information game and is played sequentially, two things can happen: (i) case 1: player 1 moves first and player 2 moves second, and (ii) case 2: player 2 moves first and player 1 moves later. In case 2, the perfect equilibrium strategies and corresponding payoffs are __________ and in case 1, the perfect equilibrium strategies and corresponding payoffs are ____________. This suggests that players will prefer to play ________ rather than __________.
A. |
(D,R) (1,1); (U,L) (4,4) ; sequentially under case 1; simultaneously |
|
B. |
(D,R) (1,1); (U,L) (4,4) ; sequentially under case 2; sequentially under case 1 |
|
C. |
(D,L) (5,0); (U,L) (4,4) ; game under case 2; game under case 1 |
|
D. |
(U,L) (4,4); (D,R) (1,1) ; sequentially under case 2; simultaneously |
QUESTION 8
All the Nash equilibrium points of the following game are : [mark all that apply]
1 \ 2 |
L |
M |
R |
U |
2, 2 |
8, 5 |
10, 6 |
D |
4, 12 |
6, 10 |
12, 9 |
A. |
( (2/5, 3/5), (1/2, 1/2, 0) ) Ã (5, 8) |
|
B. |
(U, R) Ã (10, 6) |
|
C. |
(D, M) Ã (6, 10) |
|
D. |
(D, L) Ã (4, 12) |
|
E. |
( (1/2, 1/2), (0, 1/2, 1/2 ) ) Ã (9, 7.5) |
QUESTION 15
Consider the following game in strategic form.
2 1 | L | M | R |
U | 1, 1 | 2, 2 | 1, 3 |
D | 3, 0 | 1, -1 | 3, -3 |
All the Nash equilibrium points of this game are:
A. | (D,L) Ã (3, 0) | |
B. | (U,M) Ã (2, 2) | |
C. | ( (1/2,1/2),(1/3,2/3,0)) Ã (5/3,1/2) | |
D. | ( (2/3,1/3),(0,2/3,1/3)) Ã (5/3,1) |