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Refer to Figure 9. The payoffs to each firm (in billions) are listed on the following diagram and an extensive form game between BP and Shell. BP has...
Refer to Figure 9.4. The payoffs to each firm (in billions) are listed on the following diagram and an extensive form game between BP and Shell. BP has 20% of the U.S. gasoline market share and Shell has 16% market share. BP and Shell are attempting to determine whether to send geologists to explore Oil Track 20.Is there a dominant strategy for Shell? What is the dominant strategy, if any, for Shell?What is the Nash equilibrium or equilibria in this game?What is a first-mover advantage? Does BP have a first-mover advantage in this game?Use the above information to advise BP on whether they should pursue a merger with Shell.
