Lecture4 - 1/20/2009 Homework Due Friday 4PM Hand homework...

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1/20/2009 1 Homework Due Friday 4PM ± Hand homework in to your GSI during discussion section OR ± Turn in homework to the specially marked box outside Lorch Hall 109 by 4:15 PM ± This week: Dixit and Skeath, Chapter 4 Simultaneous Move Games ± Extensive form games capture the timing structure of sequential move games ± Often games are simultaneous, or the sequential nature doesn’t matter ± Tennis serve ± Production planning ± Bidding for a contract ± Voting Example – Chet and Dave ± Note that “bottom” is best for Chet regardless Dave left right Chet top 1 , 5 7 , 3 bottom 3 , 1 8 , 4 Note that bottom is best for Chet regardless of what Dave does ± “bottom” is a dominant strategy for Chet ± A dominant strategy is strictly better for a player than any other strategy, regardless of the opponent’s strategy choice Example – Ella and Fitzgerald Fitzgerald left right Ella top 1 , 5 7 , 3 bottom 3 , 1 5 , 4 ± Here, nobody has a dominant strategy ± Dominant strategies are rare ± It is even more rare for both players to have a dominant strategy Example – Washing Dishes Roommate wash don’t wash Me wash 5 , 5 1, 10 don’t wash 10 , 1 3, 3 ± I have a dominant strategy: don’t wash ±
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This note was uploaded on 03/13/2009 for the course ECON 398 taught by Professor Emre during the Spring '07 term at University of Michigan.

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Lecture4 - 1/20/2009 Homework Due Friday 4PM Hand homework...

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