Game Theory: Self Assessment Questions
1. What is a dominant strategy?
an answer in the box below and press submit. Take care with your spelling.
A Nash Equilibrium occurs where a player maximises their payoff given what
they anticipate their opponent is doing
3a. Does Player 1 have a dominant strategy?
What is the Nash Equilibrium? Please
put your entry into the text box below using the following example - (top,
4. Consider the following 3-person game in which player 1 chooses the row, player 2 chooses the column and player 3 the matrix that will be played. The first number in each cell is the payoff to player 1, the second number is the payoff to player 2, and the third number the payoff to player 3.
is the Nash Equilibrium for this game?
In the following normal form game what is the Nash Equilibrium?
6. What is the Nash Equilibrium in the following game between Kuwait and Saudi Arabia? The payoffs are net profits to each from producing millions of barrels of oil per day. If 5 million barrels per day are produced then the profit margins are £16 per barrel. If 6 million barrels per day are produced then the profit margins are £12 per barrel and they are £8 per barrel if 7million barrels per day are supplied.
8. The game set out below shows the final stage of a ten period game between two firms. Profits/losses (in £millions per year) are depicted in the payoff matrix.
to the logic of backward induction what should be the equilibrium of the