Back to Assignment Attempts:Average: 12 7. Solving for dominant strategies and t

Question

Back to Assignment Attempts:Average: 12 7. Solving for dominant strategies and the Nash equilibrium Suppose Kenji and Lucia are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Kenji chooses Right and Lucia chooses Right, Kenji will receive a payoff of 5 and Lucia will receive a payoff of S. Lucia Left Right Keni 6,66, 3 Right 4, 3 5, 5 Left The only dominant strategy in this game is for to choose The outcome reflecting the unique Nash equilibrium in this game is as follows: Kenji choosesand Lucia chooses Grade It Now Save & Continue Continue without saving

Explanation / Answer

Answer:- The only dominant strategy in this game is only for……………to chose…………

Correct Answer:- Kenji ; Left

Reason:- When Lucia selects left strategy, Kenji will select left strategy. When Lucia opt for right strategy, even then Kenji will go for left strategy. As in both the events Kenji opts for Left strategy, thus this is his dominating strategy.

When Kenji selects left strategy, Lucia will select left strategy. When Kenji opt for right strategy, then Lucia will go for right strategy. As in both the events Lucia opts for different strategy, thus she is not having any dominating strategy.

Answer:- The outcome reflecting the unique Nash Equilibrium is this game is as follows:- Kenji chose……….. Lucia choses………..

Correct Answer:-             Left, Left

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