1) A player involved in a one-shot game will: A) cooperate with its rivals due t
ID: 1113762 • Letter: 1
Question
1) A player involved in a one-shot game will:
A) cooperate with its rivals due to the threat of punishment.
B) follow punitive strategies.
C) take actions aimed at creating a reputation with his rivals.
D) act to maximize its immediate payoff.
E) follow a tit-for-tat strategy.
2) Unlike a one-shot game, in a repeated game:
A) players have the opportunity to use mixed strategies.
B) each player's objective is to claim a greater payoff with the first move.
C) players have the opportunity to build trust and cooperation.
D) a player's prior reputation carries relatively little importance.
E) players are obligated to take independent actions.
3. A Nash Equilibrium is defined as the outcome that:
A) results in equal payoffs to both players
B) is unique and invariant to the strategy chosen by the other.
C) maximizes the sum of the players' payoffs.
D) results when both players lose by deviating from the equilibrium play.
E) maximizes each player's playoff against the strategy chosen by the other.
4. A game tree diagram is used to represent:
A) a non-zero-sum game.
B) a Nash equilibrium
C) a simultaneous game.
D) a dominant strategy equilibrium
E) a sequential game
5. In an infinitely repeated prisoner’s dilemma (such as a repeated price war):
A) repeated defection is the only equilibrium
B) there are two different equilibria: repeated defection and repeated cooperation
C) repoeated cooperation is the only equilibrium
D) each player cooperates in the early stages, but defects near the end of the game
E) there is no stable equilibrium strategy for either player
Explanation / Answer
1) A player involved in one shot game will try to "maximize his strategy" because there is no threat of retaliation or punishment its just one shot game. The correct answer to this game is "D".
2) IIn a repeated game players have an opportunity to take mixed strategy, looking at the situation in the game the players will decide if they have to maximize their profit or cooperate with another player. The correct answer to this question is "A".
3) A Nash equilibrium is the situation where one player has the best strategy to follow no matter what the other player does. The correct answer to this question is "B".
4) A decision tree is a "sequential game" where one player plays his response after the other. The correct answer to this question is "E".
5) In an infinitely repeated prisoner's dilemma there are two different equilibria repeated defection and repeated cooperation. the correct answer to this question is "B".
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