ECON 1001 Chapter 9
Homework with complete
verified solutions
basic elements of a game - answer players, strategies available to each
player, and payoffs each player receives for each possible combination of
strategies
payoff matrix - answer a table that describes the payoffs in a game for each
possible combination of strategies
dominant strategy - answer one that yields a higher payoff no matter what
the other players in a game choose
dominated strategy - answer any other strategy available to a player who
has a dominant strategy
Nash Equilibrium - answer any combination of strategy choices in which each
player's choice is his or her best choice, given the other players' choices
prisoner's dilemma - answer a game in which each player has a dominant
strategy, and when each plays it, the resulting payoffs are smaller than if
each had played a dominated strategy
cartel - answer coalition of firms that agree to restrict output for the purpose
of earning an economic profit
repeated prisoner's dilemma - answer a standard prisoner's dilemma that
confronts the same players repeatedly
Homework with complete
verified solutions
basic elements of a game - answer players, strategies available to each
player, and payoffs each player receives for each possible combination of
strategies
payoff matrix - answer a table that describes the payoffs in a game for each
possible combination of strategies
dominant strategy - answer one that yields a higher payoff no matter what
the other players in a game choose
dominated strategy - answer any other strategy available to a player who
has a dominant strategy
Nash Equilibrium - answer any combination of strategy choices in which each
player's choice is his or her best choice, given the other players' choices
prisoner's dilemma - answer a game in which each player has a dominant
strategy, and when each plays it, the resulting payoffs are smaller than if
each had played a dominated strategy
cartel - answer coalition of firms that agree to restrict output for the purpose
of earning an economic profit
repeated prisoner's dilemma - answer a standard prisoner's dilemma that
confronts the same players repeatedly
