In the diagram In the diagram Assignments Managerial Chapher to graced hom xtv C
ID: 3524678 • Letter: I
Question
In the diagram In the diagram Assignments Managerial Chapher to graced hom xtv Chapter 10 graded homework Saved Help Save & Exit Submit Check my work 7 100, 5 25, 25 5, -100 15, 15 Player 1 a. Determine the Nash equilibrium outcomes that arise if the players make decisions independently, simultaneously, and without any communication. 10 points Instructions: You may select more than one answer. Click the box with a check mark for the correct answers and click twice to empty the box for the wrong answers. You must click to select or deselect each option in order to receive full credit eBook Print (5.-100) (25.25) ?(-100.5) (15,15) 0l O Type here to seExplanation / Answer
The Nash equilibrium concept was given by " John Forbes Nash" in game theory. He is an American mathematician.
It is a solution concept of a noncooperative game where 2 or more players are involved and has anything to gain by changing their own strategy.He said " I want to do whatever I want to do, provided that you do".
For example I will read whatever I want to read for examination but it is important to know what, other friends are reading for the exam. Everybody is preparing for examination. But I have to be one step ahead.
I have to do whatever I want to do but also have to keep an aye what others are doing or thinking. Its the strategy of game to win. Here more than 2 players are present.
It is a solution concept of noncooperative game theory involving 2 or more players in which each player is assumed to know the equillibrium strategies of other players and no player has gain by changing only their rule or strategy.
Here noone cooperate with eachother because if I want to improve myself by changing my strategy and oters don't want to change the strategy, it can't be possible. Because any player can change the strategy, the result will remain same. Thats why it is called non-cooperative game strategy.
It has some poins means in Nash equilibrium
1- Saddle point- It is the equilibrium point by Nash analysis. If all players are equilibrium it is called saddle point. It is the equilibrium in Nash concept.
2-Const sum game- When the sum of the results are same is called constant sum game.
like in the table the sum of 4+4=8 6+2+8, 2+6=8 and so on so sum is constant.
Zero sum game- (-4,4), (4,-4), (8,-8), (-8, 8) the sum of these numbers are 0.
so this is zerosum game.
By adding two payoffs we get 0 repeatedly
Maximin-Minimax concept: Here we get a constatnt number in minimum and maximum time.
So this is called maximin-minimax concept.option 3rd and 4th will be the answer
Yes No A Yes 4,4 6,2 B No 2,6 4,4