ECO316H1 Chapter : ch02_solutions_solved edit.doc
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Assuming a sufficient supply of yogurt is available for all shoppers, each shopper is. If some flavors of yogurt were in short supply, then it would be a game, because shoppers could, for example, make sure to arrive at the store early in order to get their preferred selections. (b) For a college senior, the choice here is a decision, unless you argue that a game is being played with the student s future self. (d) (e) This is a strategic interaction between mutually aware rival firms. The choice of running mate is a game played between different presidential candidates looking forward to the payoffs of votes in an upcoming election. (a) (i) simultaneous play; (ii) zero-sum; (iii) can be repeated, although description is of a. This statement rules out the possibility that individuals may be concerned about fairness. To solve each problem, the probability of each event must be multiplied by its respective payoff,
