Essay
Two firms in a local market compete in the manufacture of cyberwidgets. Each firm must decide if they will engage in product research to innovate their version of the cyberwidget. The pay-offs of each firm's strategy is a function of the strategy of their competitor as well. The pay-off matrix is presented below. 
Does either player have a dominant strategy? Does the game have any Nash equilibria? What is the maximin strategy of each player in the game?
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Neither player has a dominant strategy i...View Answer
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