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Eco 550 Assignment 3

Eco 550 Assignment 3 - Eco 550 Assignment 3 G Francis T...

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Eco 550 Assignment 3 G Francis T Assignment 3 1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt. a. Does either player have a dominant strategy? Explain. I don’t believe that either player has a dominant strategy. Dominant strategy is “a strategy that results in the best outcome or highest payoff to a given player no matter what action or choice the other player makes” (Farnham, 2010, p. 233). If both drivers stay on their side of the road, they both pass each other safely. If one driver drives on the wrong side of the road, they both lose. If both drivers drive on the wrong side of the road, they will pass each other safely. So, in all scenarios, a given player will not have any dominant strategy. b. Is there Nash equilibrium in this game? Explain. I do believe that there is Nash equilibrium in this game. Nash equilibrium is “a set of strategies from
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