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PS 18 - Payoff Matrices - tile would win Raymond Angelo and...

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IE 150 Problem Set 18 Payoff Matrices Instructions:  Write/Type/Print your answers on yellow pad or bond paper (NO A4’s). Use a different sheet per  problem.  Use phrases  to describe what you are doing. Do not present it as just a series of equations and  numbers.  Label each step. Ex: “Step 1: Set-up the Total Revenue Equation”, “Step 4: Solve for the NPV”.  Box the final answers.  Use clear formatting: Indent at each step. Show your answers in just 1 column. (The problem set  will be read from top to bottom, and not top bottom diagonal right bottom.) Problem 1:  Raymond, Angelo, and Paul are playing a board game. The board has 50 tiles and the first to get to tile 50  wins the game. They roll a single dice and move according to the result of the roll. However, the players  have a class starting in 5 minutes so they decided that after the next turn, whoever is closest to the 50th 
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Unformatted text preview: tile would win. Raymond, Angelo and Paul are currently in tiles 23, 19 and 22 respectively. Tiles: 19: Dance 20: Proceed to tile 31 21: Move up 5 spaces 22: Win $50 (game money) 23: Lose $50 (game money) 24: Move Back 2 spaces 25: Move up 4 spaces 26: Skip your next turn 27: Move Back to tile 17 28: Go back 2 spaces 29: Dance 30: Move up 4 spaces 31: Pray (the tiles dance and pray do not affect the position of the tokens) a) Construct the payoff matrix for this problem. b) Ignoring the probabilities of the dice, who would you rather be based on the: a. Maximax b. Minimin IE 150 Problem Set 18 Payoff Matrices c. MiniMax Regret c) If the dice was fair, who is most likely to win?...
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