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The leaders of US and Iran are deciding whether to go to war. If both leaders decide against war, the US leader receives a payoff of 45, and the...
The leaders of US and Iran are deciding whether to go to war. If both leaders decide against war, the US leader receives a payoff of 45, and the Iranian leader receives a payoff of 30. If the US leader goes to war while the Iranian leader does not, the US leader receives a payoff of 20, and the Iranian leader gets a payoff of 16. If the Iranian leader goes to war while the US leader does not, the Iranian leader gets a payoff of 20, while the US leader gets a payoff of 16. If both leaders decide to go to war, the US leader gets a payoff of 30, while the Iranian leader gets a payoff of 45.
a) Draw the strategic form of the game (2 by 2 matrix).
b) Find and explain the Nash equilibrium of the game. Will the US and Iranian leaders go to war for sure? If yes, why and if not why not?
