1 - ECON 3600 Problem Set 1 Due Thursday January 19 You may...

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ECON 3600 Problem Set 1 Due Thursday, January 19. You may work in groups of up to three students. Hand in ONE assignment for the entire group. Make sure to include the name and ID number of everyone in the group. 1. Explain the difference between a strictly dominated strategy and a weakly dominated strategy. Give an example of a two-player game matrix where one player has 3 strategies, one of which is strictly dominated, and the other player has 3 strategies, one of which is weakly (but not strictly) dominated. Indicate the dominated strategies. 2. In the following game, two of Player 2's strategies are weakly dominated: L M R T 2,2 2,2 0,0 B 0,0 2,4 2,4 Identify the weakly dominated strategies. Choose one of Player 2's weakly dominated strategies to delete. Are any of Player 1's strategies now weakly dominated? Which one? Delete Player 1's weakly dominated strategy. What is the outcome of the game? Now go back to the full game and start again by deleting Player 2's other weakly dominated strategy. Are any of Player 1's
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1 - ECON 3600 Problem Set 1 Due Thursday January 19 You may...

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