QUESTION 6 Consider the following game. Player 1 can choose Strategy A or B while Player...
QUESTION 6
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Consider the following game. Player 1 can choose Strategy A or B while Player 2 can choose Strategy Y or Z
Strategy Y Strategy Z Strategy A 1, 10 1, -5,000 Strategy B 2, 0 2, 2 Which of the following statements is correct?
Both players have a dominant strategy
Neither player has a dominant strategy
Player 1 has a dominant strategy but Player does not
Player 1 does not have a dominant strategy but player 2 does
Homework Answers
Ans.- Player 1 has a dominant strategy but Player 2 does not.
When player 1 chooses A, player 2 will choose Y
When player 1 chooses B, player 2 will choose Z.
Hence, there is no dominant strategy for player 2.
When player 2 chooses Y, player 1 will choose B
When player 2 chooses Z, player 1 will choose B.
Hence, the dominant strategy for player 1 is B.
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QUESTION 6
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