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QUESTION
Game theory: Two players named Bill and Sally bid for an object. Both have $10. The objective is to outbid the other player for a used watch. They...
Game theory:
Two players named Bill and Sally bid for an object.
Both have $10.
The objective is to outbid the other player for a used watch.
They each value the watch at $10.
Tie is resolved with a coin toss.
QUESTION: consider the benefits only to Bill and Sally and list the Pareto-efficient outcomes?
