3. Blackadder and Baldrick are rational, self-interested criminals imprisoned in separate cells in a dark medieval dungeon. They face theprisoner's dilemma displayed in the matrix.Assume that Blackadder is willing to pay $1,000 for each year by which he can reduce his sentence below 20 years. A corrupt jailer tellsBlackadder that before he decides whether to confess or deny the crime, she can tell him Baldrick's decision. How much is thisinformation worth to Blackadder? (LO2)BlackadderConfessDenyO for BaldrickConfess5 yearsfor each20 years for BlackadderBaldrick20 years for BaldrickDeny1 yearfor eachO for Blackadder

The information given in the image is a description of a prisoner's dilemma scenario. The prisoner's…

Answered: 3. Blackadder and Baldrick are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure: Prisoners' Dilemma for Thelma and Louise Louise Don't confess Confess Louise gets 5 years Louise gets 2 years Don't confess Theima gets 20 years Theima gets 5 years Louise gets 20 years Louise gets 15 years Confess Thelma gets 2 years Theima gets 15 years (Figure: Prisoners' Dilemma for Thelma and Louise) Use Figure: Prisoners' Dilemma for Thelma and Louise. Thelma and Louise are arrested and jailed for murder. Given the payoff matrix in the figure, the optimal (collusive) behavior for Thelma and Louise to minimize their joint sentence is for Thelma and for Louise to confess; to confess. not to confess; not to confess to confess; not to confess. not to confess; to confess Thelma
Pirates of the Caribbean When Spain colonized the New World, they extracted untold riches from there to finance their wars in Europe. The gold and silver had to be transported back to Europe on ships and these were attractive targets for pirates and privateers from other countries. Imagine the fictional Capitano Juan Barcodoro, who is in Cartagena and has to bring his cargo safely back to Sevilla, but he knows that the ruthless French pirate François Dragon is lurking. He can sail one of two routes: following the coast to Trinidad or go for Santo Domingo on Hispaniola. The pirates have to decide where they try to intercept him. Barcodoro is on the left and François Dragon on top, and their payoffs are on the left/right. Juan François Trinidad Hispaniola 5/-2 Trinidad -8/6 Hispaniola 2/-3 -8/7 What is Barcodoro's best response if he believes the pirates are at Trinidad? What if he believes they are at Hispaniola? Also find the pirates' best responses. Is there a Nash equilibrium in pure…
Bernie and Leona were arrested for money laundering and were interrogated separately by the phone. Bernie and Leona were each presented with the following independent offers. If one confesses and the other doesn’t, then who confesses goes free and the other will receive a 20-year prison sentence; if both confess, each receives a 10-year prison sentence; and if neither confesses, each will only receive a 2-year prison sentence.a. Use the above information to construct a payoff matrix for Bernie and Leonab. Does either Bernie or Leona have a dominant strategy? Why or why not?c. Does a Nash equilibrium exist? Why or why not?
4. Why does the Prisoner's Dilemma not always work like it does in theory?
6 Two people will select a policy that affects both of them by applying a "veto" in a sequential and alternate manner, that is: person 1 begins to veto a policy and then person 2 exercises his "veto" with the remaining policies; the process repeats until only one policy remains. Assume that there are 3 policies: X,Y,Z, and that person 1 prefers X to Y to Z and person 2 prefers Z to Y to X. a. Represents the game extensively b. Give the number of subgames C. Indicate the total strategies of the players d. find all subgame perfect nash equilibria e. Find all Nash Equilibriums.
If opportunity cost of going to prison for a person falls,this person is less likely to commit a criminal act true or false?
Suppose there are two groups -Wegofurst and Thenwego- who must make choices without knowing what the other has selected. Wegofurst, the player on the left, must choose A, B, or C. Thenwego, the player on the top must pick either X, Y, or Z. The outcomes described in the table below are desirable outcomes (such as profit in dollars, not years in prison): Thenwego Y 11,59 22,53 38, 24 Wegofurst B 35, 33 27 ,41 29, 37 C 28 , 36 39,23 47, 21 Assuming there is no collusion, what is the solution ? O There is NO correct solution listed. O AY OCY OcZ O BX O AX CX O AZ O BZ
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Charlie knows Joe always throws scissors, what is Charlie's best response? Joe R0 P 1 S-1 Multiple Choice Rock Paper Scissors R 0 -1 1 -1 0 1 Charlie P Figure a 1 0 -1 1 -1 0 The answer cannot be determined from the information given. S -1 1 0
4. How would you feel defending a client that you knew was guilty?
4) what is duverger's law and how dose it help to explain the two-party system in the us?
Explain how the Prisoner’s Dilemma challenges Adam Smith’s concept of the Invisible Hand.
In the city of Swiftsure, there is only one crime, armed robbery. The city recently decided to double the probability of imprisonment from 10 percent (10 percent of armed robberies result in a prison sentence) to 20 percent. Because the city has a fixed prison capacity, it also cut the average prison sentence in half, from 3 years to 1.5 years. a. Would you expect these changes in the city’s crime policy to increase, decrease, or not affect the city’s crime rate? Explain why. Would you expect these changes to increase, decrease, or not affect the total cost of crime (the sum of victim and prevention costs)?

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