Pratice Final 10 key

Pratice Final 10 key - Economics 112 Spring 2010 Practice...

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Economics 112 Spring 2010 Practice Final Exam Key: Answers in bold 1. Consider the following normal form game Player A Player B Left Right Up 0, 2 5,1 Down 3,3 10,8 Which of the following statements is true a. (Down,Right) is a Nash Equilibrium. b. (Down,Right) is a Dominant Strategy Equilibrium. c . (Down, Left) is a symmetric equilibrium. d. Both (a) and (b) are true. 2. Consider the following Normal form game: Player B Left Right Up 5,5 -4,* Down 10,-4 -2,-3 This game is a social dilemma provided that a. The payoff * is greater than -3. b. The payoff * is greater than 5 c. The payoff * is equal to 10 d. none of the above 3. A Risk Dominant equilibrium refers to a situation is which a. Players choose the strategies that maximise their payoffs in the worst-case choices by other players. b. Players choose the Nash equilibrium strategies that maximise their payoffs in the worst-case choices by other players. c.
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Pratice Final 10 key - Economics 112 Spring 2010 Practice...

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