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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...
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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?
