Exam 14: Game Theory and Strategic Behavior

A game can be both Bertrand and Nash.

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (24-25). -In Game 1 above,

A Cournot equilibrium is an example of a Nash equilibrium.

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (36-40). -In Game 5 above, in the Nash equilibrium in mixed strategies

In a sequential game:

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -Game 8 shows the payoff matrix in terms of profit (in millions of dollars)for two possible strategies: advertise or do not advertise. If they legally could, why might the two companies agree to a binding contract committing both to not advertise?

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -For Game 4 above, which of the following statements is incorrect?

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -In Game 2 above,

Which of the following is most consistent with the concept of a Nash equilibrium?

Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -In Game 9 above,

A Nash equilibrium is a situation in which each player chooses their best strategy given the strategies chosen by the other players in the game.

Game theory refers to:

A simultaneous game is commonly represented in a game matrix, whereas a sequential game is commonly represented with a game tree.

All of the following statements are true except:

Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -Game 9 has the structure of a

Player A and Player B are playing a prisoners' dilemma game. If players play the game repeatedly with each other, they are more likely to cooperate if they are patient.

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -Game 7 is an example of prisoners' dilemma. Thus, the payoff matrix contains jail sentences in terms of months. For this game,

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -In Game 3 above,

In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second. -In Game 6 above,

A Nash equilibrium maximizes the aggregate payoffs of the players of the game.