If a game does not have an equilibrium in pure strategies, then it will not have an equilibrium in mixed strategies either. True False
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- Which choice is ALWAYS TRUE for a pure Nash equilibrium of a two-person nonzero-sum game? No player can improve his payoff with a unilateral change of strategy. It is a Pareto maximum of the payoff matrix. No player can worsen the payoff of his opponent with a unilateral change of strategy. O It gives worse payoffs to both players than any Berge equilibrium. « Previous SimpfunExplain with example each of the following terms of the game theory : (i)strategy (ii)Pay off table (iii) value of the game and (iv) saddle pointUsing the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. Use the .50 for the probability of a Good Economy and .50 for the probability of a Poor Economy. You must show your work for obtaining the points. STATE OF NATURE DECISION ALTERNATIVE GOOD ECONOMY POOR ECONOMY Sotck market 80,000 -20,000 Bonds 30,000 20,000 CDs 23,000 23,000
- Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. Use the .50 for the probability of a Good Economy and .50 for the probability of a Poor Economy. You must show your work. STATE OF NATURE DECISION ALTERNATIVE GOOD ECONOMY POOR ECONOMY Sotck market 80,000 -20,000 Bonds 30,000 20,000 CDs 23,000 23,000Two animals are fighting over some prey. Each can be passive or aggressive. Each prefers to be aggressive if its opponent is passive, and passive if its opponent is aggressive; given its own stance, it prefers the out- come when its opponent is passive to that in which its opponent is aggressive. Formulate this situation as a strategic game and find its Nash equilibria.If a game larger than 2 X 2 requires a mixed strategy, we attempt to reduce the size of the game by A looking for identifying saddle points B looking for inverting the payoff matrix looking for dominated strategies (D) looking for nothing
- What are various types of information for decision making does simulation typically provide?Given the following payoff table with the profits ($m), a firm might expect alternative investments (A, B, C) under different levels of interest rate. payoffs as profits states of nature 1(5%) decision 2(7%) 3(9%) alternatives A 14 22 6. B 19 18 11 12 17 15 (a) Which alternative should the firm choose under the maximax criterion? (b) Which option should the firm choose under the maximin criterion? (c) Which option should the firm choose under the LaPlace criterion? (d) Which option should the firm choose with the Hurwicz criterion with a = 0.2? (e) Using a minimax regret approach, what alternative should the firm choose? (f) Economists have assigned probabilities of 0.35, 0.3, and 0.35 to the possible interest levels 1, 2, and 3 respectively. Using expected monetary values, what option should be chosen and what is that optimal expected value? (g) What is the most that the firm should be willing to pay for additional information? Use Expected Regre (h) Use the alternative method to…4. "Family Man," a construction company, is considering whether to bid on a contract for a new housing complex. The cost of preparing a bid USD 200,000. “Family Man" has a 0.8 probability of winning the contract, if it submits the bid. If "Family Man" wins the bid, it has to pay USD 2000,000 to be a project partner of the project. As per the usual practice, "Family Man" will then consider consulting a market research firm "Marquess" to conduct a market survey to forecast the demand of housing complex before beginning the construction. "Marquess" charges a fee of USD 150,000. Now, the demand scenario can be either "High demand" or "Low demand." "Family Man" gets a revenue of USD 5000,000 and USD 3000,000 in case of "High demand" and "Low demand" scenario, respectively. On the other hand, instead of construction, "Family Man" has a provision of selling its project rights to another project partner construction company at the price USD 3500,000. As per the historical data, "Marquess"…
- Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.What type of information for decision making does simulation typically provide?1. The Requirement 4 for a Perfect Bayesian Equilibrium states that “At information sets off the equilibrium path, beliefs are determined by Bayes’ rule and the players’ equilibrium strategies, where possible”. This requirement is vacuous in a signaling game because (a) A signaling game never has an information set off the equilibrium path. (b) A signaling game does not specify the receiver’s strategy off the equilibrium path. (c) A signaling game does not require beliefs to be specified off the equilibrium path. (d) None of the above.