(ECONOMICS OF STRATEGY, GAME THEORY) QUESTIONS PLEASE ANSWERR Find the mixed strategy NASH EQUILIBRIUM of the...

Question

Question

(ECONOMICS OF STRATEGY, GAME THEORY) QUESTIONS PLEASE ANSWERR

Find the mixed strategy NASH EQUILIBRIUM of the following game. Also calculate each player's EXPECTED PAY OFF.

$P1\P2LR 3,5 1,2 D 2,1 6,4$

business economics

Answer 1

Answer #1

There are two Nash equilibria in the game:

i) If P1 chooses U, P2 will choose L with higher payoff than option R.
ii) If P2 chooses R, P1 will choose D with higher payoff than option U.

So, the two Nash equilibria with respective payoffs for (P1,P2) are (3,5) and (6,4)

Answer 2

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