ECO550 Final Part 2 Latest 2017 (Perfect Answer)$ 22.00

Question 1

4 out of 4 points

Consider the game known as the Prisoner’s Dilemma. What’s the dilemma?

a. By both not confessing, both get to the cooperative solution and minimize time in prison.

b. By both confessing, both get to the noncooperative solution and both serve significant time in prison.

c. As a group, they are better off cooperating by not confessing, but each player has an incentive to be first to confess in a double cross.

d. The problem is that the spies should never have been caught; they should move to Rio.

Question 2

4 out of 4 points

Cooperation in repeated prisoner’s dilemma situations seems to be enhanced by all of the following except

a. limited punishment schemes

b. clarity of conditional rewards

c. grim trigger strategy

d. provocability– i.e ., credible threats of punishment

e. tit for tat strategy

Question 3

4 out of 4 points

Credibility in threats and commitments in sequential games is based on

a. randomizing one’s actions so they are unpredictable

b. explicit communications with competitors

c. effective scenario planning

d. analyzing best reply responses

e. none of the above

Question 4

4 out of 4 points

When there is no Equilibrium (or no Nash Equilibrium), we expect that:

a. the firms end up in the cooperative strategy.

b. a firm will follow a randomized strategy.

c. a firm will not care what it does.

d. a firm will very likely have a dominant strategy.

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