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HW2 - Economics 467 Spring 2010 Karl Dunz Problem Set 2 due...

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Economics 467 Spring 2010 Karl Dunz Problem Set 2 due Wednesday February 24 You are encouraged to work in groups on these problems; however, you must turn in your own work, not a copy of what the group has done. Also, I will not accept any late assignments since I will post answers to these problems shortly after the due date. 1. [3 points] Describe all of the Nash equilibrium for problem 3(c) of problem set #1. 2. [3 points] Describe all of the Nash equilibria for problem 3(e) of problem set #1. 3. [3 points] Describe all of the Nash equilibria for problem 4(b) of problem set #1. 4. [8 points] Consider two travelers who have lost their luggage on a low-cost bus trip. The bus operator agrees to reimburse them (although they are under no obligation to do so). However, the bus operator does not just ask the travelers how much their luggage was worth. That would be no fun. Instead each traveler must state a claim between $80 and $200. Each traveler does this independently and without knowing the amount claimed by the other traveler. The bus operator then pays each traveler the minimum
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