Tutorial 1 in the A4-size paper note: all tutorial questions from tutorial 1 – tutorial 4


Question 3: Expected Utility Approach



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Question 3: Expected Utility Approach


You and a rival are engaged in a zero-sum game in which there are three possible outcomes: you win, your rival wins (i.e., you lose), or the two of you resulting in a tie result. You get a payoff of 50 if you win, a payoff of 20 if you tie, and a payoff of 0 if you lose. What is your expected payoff in each of the following situations?

There is an 80% chance that you lose, a 10% chance that you win, and a 10% chance that you

tie.


Question 4: Understanding Various Classification of Games


Consider the strategic games described below. In each case, state how you would classify the game according to the six dimensions outlined in the text. (I) Are moves sequential-move or simultaneousmove? (II) Is the game zero-sum or non-zero-sum? (III) Is the game repeated or one-time? (IV) Is the game with imperfect information, and if so, is there containing asymmetric information? (V) Are the game rules fixed or not? (VI) Are cooperative agreements enforceable or not?

Roll-call voting: Voters cast their votes orally as their names are called. The choice with the most votes wins.



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