Question 1

A pure strategy game can be solved according to the ________ criterion.

Accepted Answer

minimax

Question 2

A ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

Accepted Answer

mixed strategy

Question 3

In a mixed strategy game, players switch decision in response to the other player.

Accepted Answer

A) True 
 B)False  True

Question 4

A two-person game encompasses two players.

Accepted Answer

A) True 
 B)False

Question 5

The best strategy for each player is his or her optimal strategy.

Accepted Answer

A) True 
 B)False

Question 6

A(n) ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

Accepted Answer

A)  optimal strategy 
B)  pure strategy 
C)  mixed strategy 
D)  best strategy 
A)  optimal strategy 
B)  pure strategy 
C)  mixed strategy 
D)  best strategy

Question 7

In a ________ game one player's gains represent another player's exact losses.

Accepted Answer

The answer of In a ________ game one player's gains...

Question 8

Mary Schultz is the incumbent Senator from Ohio and John Henderson is her opponent in the upcoming election. Since Mr. Henderson is seeking to unseat Ms. Schultz, he is on the offensive, while Ms. Schultz hopes to minimize his gains or her losses in the election. The following payoff table shows the various percentage point gains/losses in the polls for the two candidates based on their selection of certain political strategies. $$\begin{array} { l c c c } 
& &  { \text { Mary Schult'z Defensive Strategies } } \
& & \text { Strategy A } & \text { Strategy B } \
\hline \text { John Henderson's } & \text { Strategy 1 } & 3 & 7 \
\text { Offensive Strategies } & \text { Strategy 2 } & 6 & 10 \
\hline
\end{array}$$ 
Determine the optimal strategy and the optimal payoff for both players.

Accepted Answer

John, strategy 2; Ma

Question 9

Game theory addresses decision situations with two or more decision makers in competition.

Accepted Answer

A) True 
 B)False

Question 10

The local operations manager for the IRS must decide whether to hire one, two, or three temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code. $$\begin{array} { c c c c } 
\text { \# of Workers } & \begin{array} { c } 
\text { Low } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { Medium } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { High } \
\text { Compliance }
\end{array} \
\hline 1 & 50 & 50 & 50 \
2 & 100 & 60 & 20 \
3 & 150 & 70 & - 10 \
\hline
\end{array}$$ 
If he uses the minimax regret criterion, how many new workers will he hire?

Accepted Answer

The answer of The local operations manager for the IRS...

Question 11

Mary Schultz is the incumbent senator from Ohio and John Henderson is her opponent in the upcoming election. Since Mr. Henderson is seeking to unseat Ms. Schultz, he is on the offensive, while Ms. Schultz hopes to minimize his gains or her losses in the election. The following payoff table shows the various percentage point gains/losses in the polls for the two candidates based on their selection of certain political strategies. $$\begin{array} { l c c c } 
&& { \text { Mary Schult'z Defensive Strategies } } \
& & \text { Strategy A } & \text { Strategy B } \
\hline \text { John Henderson's } & \text { Strategy 1 } & 7 & 3 \
\text { Offensive Strategies } & \text { Strategy 2 } & 6 & 10 \
\hline
\end{array}$$ 
Use the expected gain and loss method and determine the probability that each strategy will be used by each player.

Accepted Answer

Probability that John Henderson uses str

Question 12

Given the following payoff/loss table for a mixed strategy game between two players: $$\begin{array}{l}
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\text { Player } 2 \text { (defensive) Strategies }\
\begin{array} { l c c c c r } 
& & \text { A } & \text { B } & \text { C } & \text { D } \
\hline & 1 & 40 & 30 & 54 & 80 \
\text { Player 1 } & 2 & 90 & 50 & 60 & 65 \
\text { Offensive } & 3 & 80 & 75 & 52 & 90 \
\text { Strategies } & 4 & 60 & 40 & 55 & 50
\end{array}
\end{array}$$ 
Identify dominated strategy(s), if it (they) exist(s).

Accepted Answer

B dominate

Question 13

A ________ is a plan of action followed by a player.

Accepted Answer

The answer of A ________ is a plan of action...

Question 14

A(n) ________ occurs when the optimal strategy for each player results in the same payoff.

Accepted Answer

equilibriu

Question 15

The value of the game is the defensive player's gain and the offensive player's loss in a zero-sum game.

Accepted Answer

A) True 
 B)False

Question 16

The payoffs for a mixed strategy game assumes that the game is played exactly one time.

Accepted Answer

A) True 
 B)False

Question 17

The ________ is the offensive player's gain and the defensive player's loss in a zero-sum game.

Accepted Answer

A)  game situation 
B)  value of the game 
C)  strategy 
D)  best strategy 
E)  pure strategy 
A)  game situation 
B)  value of the game 
C)  strategy 
D)  best strategy 
E)  pure strategy

Question 18

In game theory, each player seeks to minimize maximum possible losses with the ________ criterion.

Accepted Answer

The answer of In game theory, each player seeks to...

Question 19

The local operations manager for the IRS must decide whether to hire one, two, or three temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code. $$\begin{array} { c c c c } 
\text { \# of Workers } & \begin{array} { c } 
\text { Low } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { Medium } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { High } \
\text { Compliance }
\end{array} \
\hline 1 & 50 & 50 & 50 \
2 & 100 & 60 & 20 \
3 & 150 & 70 & - 10 \
\hline
\end{array}$$ 
If he thinks the chances of low, medium, and high compliance are 20%, 30%, and 50%, respectively, what are the expected net revenues for the number of workers he will decide to hire?

Accepted Answer

Hire 1 wor

Question 20

Game theory assumes that players behave

Accepted Answer

A)  logically. 
B)  emotionally. 
C)  rationally. 
D)  A, B, and C 
E)  A and B 
A)  logically. 
B)  emotionally. 
C)  rationally. 
D)  A, B, and C 
E)  A and B

A pure strategy game can be solved according to the ________ criterion.

A ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

In a mixed strategy game, players switch decision in response to the other player.

A two-person game encompasses two players.

The best strategy for each player is his or her optimal strategy.

A(n) ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

In a ________ game one player's gains represent another player's exact losses.

Game theory addresses decision situations with two or more decision makers in competition.

A ________ is a plan of action followed by a player.

A(n) ________ occurs when the optimal strategy for each player results in the same payoff.

The value of the game is the defensive player's gain and the offensive player's loss in a zero-sum game.

The payoffs for a mixed strategy game assumes that the game is played exactly one time.

The ________ is the offensive player's gain and the defensive player's loss in a zero-sum game.

In game theory, each player seeks to minimize maximum possible losses with the ________ criterion.

Game theory assumes that players behave

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

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Exam 21: Game Theory

A pure strategy game can be solved according to the ________ criterion.

A ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

In a mixed strategy game, players switch decision in response to the other player.

A two-person game encompasses two players.

The best strategy for each player is his or her optimal strategy.

A(n) ________ game occurs when each player selects an optimal strategy that does not result in an equilibrium point when the minimax criterion is used.

In a ________ game one player's gains represent another player's exact losses.

Game theory addresses decision situations with two or more decision makers in competition.

A ________ is a plan of action followed by a player.

A(n) ________ occurs when the optimal strategy for each player results in the same payoff.

The value of the game is the defensive player's gain and the offensive player's loss in a zero-sum game.

The payoffs for a mixed strategy game assumes that the game is played exactly one time.

The ________ is the offensive player's gain and the defensive player's loss in a zero-sum game.

In game theory, each player seeks to minimize maximum possible losses with the ________ criterion.

Game theory assumes that players behave

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

Filters