Identify any outcomes that are Pareto superior and Pareto optimal.
What type of game is this? Prisoners Dilemma, Dead Lock, Chicken, Stag Hunt, Pure Conflict, Pure Coordination? How can you tell. ?
2.Using the computational approach presented in class identify all Nash equilibrium in the game. ?(I will uploaded for you)
3.Identify any outcomes that are Pareto superior and Pareto optimal. Can any of the outcomes be Pareto ranked? ?
4.How believable are the Nash equilibrium, i.e., what process(es) would support that the players could arrive at any particular Nash equilibrium? (Hint: Section 4.3 of the main text can help you complete this step of the analysis.) ?
5.How might the players select between multiple Nash equilibrium? (Hint: Section 5.4 of the main text can help you complete this step of the analysis.) ? Essay ?
6. Develop an essay on Nash equilibrium in strategic form games, why the concept is important, how the concept relates to rationality as common knowledge, what are the limitations of Nash equilibrium, are the Nash equilibrium always the most desired outcomes, and how can we know if the Nash equilibrium can be achieved. Use your analysis of the assigned strategic form game to illustrate your points.
The discussion of your analysis and essay should be 500-750 words and the writing should meet professional standards. ?
The audience for the discussion is other economists who have had training in game theory. Thus, you should use the language and ?terminology of game theory to convey your findings. ?
Remember: the focus of the assignment is the essay. The analysis of the strategic form is to be used as examples to illustrate the points you are making in the essay. ?
All sources and direct quotes should be properly cited. Use the APA in-line style for citations in the body of the text and APA style for listing references at the end of the notebook ?