_15_studyquestions - 8 Use the three rules to “solve”...

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Class #15 Questions 1. Under what circumstances is game theory an appropriate model? 2. Explain the concept of “jointly produced outcomes.” 3. What is a strategy in game theory? 4. What is an equilibrium in game theory? Give an example. 5. What is the minimax theorem? Why is it important? 6. What is a dominant strategy? Give an example. 7. List the three rules used in deciding upon an appropriate game theory strategy.
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Unformatted text preview: 8. Use the three rules to “solve” the following game. Identify the equilibrium. 9. What is a mixed strategy? Calculate the optimal mixed strategy for the following matrix: Confess 0,20 10,10 AL Don’t Confess Confess BOB Don't Confess 1,1 20,0 D 20,0-50-50 C D C 4,4 0,20...
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This note was uploaded on 04/21/2008 for the course PLS 200 taught by Professor Idk during the Fall '08 term at Michigan State University.

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