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QUESTION

Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The...

Bottom4       8. 5       3

where the number on the left is the payoff to Player 1, and the number on the right is the payoff to Player 2.  

A) (2 points) Does Player 1 have a dominant strategy, and if so what is it?

B) (2 points) Does Player 2 have a dominant strategy and if so what is it?

C) (1 point each) For each of the following strategy combinations, write TRUE if it is a Nash Equilibrium, and FALSE if it is not:

  • i) Top/Left
  • ii) Top/Right
  • iii) Bottom/Left
  • iv) Bottom Right

D) (2 points) What is Player 1's maximin strategy?

E) (2 points) What is Player 2's maximin strategy?

F) (2 points) If the game were played with Player 1 moving first and Player 2 moving second, using the backward induction method we went over in class, what strategy will each player choose?

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