Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 2 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Economics Posted 27 Jun 2018 My Price 7.00

James and Dean

I am really struggling with this problem.

 

 "James and Dean are playing the game of chicken. They are both driving towards each other and both have a choice of either staying tough and keep going (Tough) or being chicken and swerving to their left (Chicken). The player who swerves and is chicken loses the game while the one who kept going wins the game. In case both players keep going they both collide and die. If they both decide to swerve then the game is a tie. The payoffs from this game are as follows. A tie (both swerve) is worth 0 points, a win (you stay tough and the other serves) is worth 1 point, a loss (you swerve and the other stays tough) is worth - 1 (minus 1) points and a collision (both stay tough) is worth - 2 (minus 2) points. Write down the payoff matrix and also find all the Nash Equilibrium for this game." 

 

My instructor does not provide ANY examples of turning game theory word problems in a pictorial representation in the notes or material. I have no idea of knowing which boxes the number go in for the payoff matrix. PLEASE HELP.

 

Thank You.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Jun 2018 08:06 PM My Price 7.00

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