Microeconomics, 5th Edition - Besanko - SMch14

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1、Besanko&Braeutigam–Microeconomics,5theditionSolutionsManualChapter14GameTheoryandStrategicBehaviorSolutionstoReviewQuestions1.WhatisaNashequilibrium?WhywouldstrategiesthatdonotconstituteaNashequilibriumbeanunlikelyoutcomeofagame?ANashequilibriuminagameoccurswheneachplayerchoosesastrategythatgiv

2、esitthehighestpayoff,giventhestrategieschosenbytheotherplayersinthegame.IfplayerschosestrategiesthatdidnotconstituteaNashequilibrium,thentheplayerscouldchooseanotherstrategythatincreasedtheirpayoffgiventhestrategieschosenbytheotherplayers.Sinceplayerscouldincreasetheirpayoffsbychoosingotherstra

3、tegies,strategiesthatdonotconstituteaNashequilibriumareanunlikelyoutcomeinagame.2.Whatisspecialabouttheprisoners’dilemmagame?Iseverygamepresentedinthischapteraprisoners’dilemma?Aprisoners’dilemmagameillustratestheconflictbetweenself-interestandcollective-interest.IntheNashequilibriumofaprisoner

4、s’dilemmagame,eachplayerchoosesanon-cooperativeactioneventhoughitisintheplayers’collectiveinteresttopursueacooperativeaction.No,noteverygameinthechapterisaprisoners’dilemma.Forexample,thegameofChickenpresentedinTable14.7isnotaprisoners’dilemma.3.Whatisthedifferencebetweenadominantstrategyandado

5、minatedstrategy?Whywouldaplayerinagamebeunlikelytochooseadominatedstrategy?Adominantstrategyisastrategythatisbetterthananyotherstrategytheplayermightfollownomatterwhattheotherplayerdoes.Aplayerhasadominatedstrategywhenithasotherstrategiesthatgiveitahigherpayoffnomatterwhattheotherplayerdoes.Apl

6、ayerwouldbeunlikelytochooseadominatedstrategybecausetheplayercouldalwaysimprovehispayoffbychoosinganotherstrategyregardlessofthestrategieschosenbytheotherplayers.4.WhatisspecialaboutthegameofChicken?HowdoesthegameofChickendifferfromtheprisoners’dilemmagame?TheChickengameisspecialbecauseithasmul

7、tipleNashequilibria.IneachNashequilibria,oneplayerchoosesacooperativestrategy(Swerve)whiletheotherplayerchoosesanon-cooperativestrategy(Stay).TherearemultipleequilibriainthisgamebecauseitisuncertainattheoutsetwhichplayerwillSwerve