Question Details

(Solved by Expert Tutors) Soc 360- Games people Play1.Finding the mixed-equilibrium strategies


for zero-sum games can yield results that seem perplexing at first. In the children?s game Rock-Paper-Scissors the optimal mixed strategy is for each player to randomly choose each option one-third of the time. But suppose that when rock beats scissors, the winning player scores 2 points, not 1. How would you expect optimal play to change? Interestingly, the players play rock less, not more. Paper is played one-half of the time, and rock and scissors both drop to one-fourth. Why? Create a payoff matrix and use it to verify that the strategies specified result in a mixed-strategy equilibrium for the modified Rock-Scissors-Paper game. Explain the reasons why rock is played less, not more, using game theory concepts. 2.Consider the game of two people approaching one another on a sidewalk. Each chooses right or left. If they make the same choice, they pass one another without a problem and each gets a payoff of 1. If they make opposite choices, they both get payoffs of 0. Find the three Nash equilibria of the game. (One of them is a mixed equilibrium.) Show that the payoff from the mixed equilibrium is only half as good for either player as either of the two pure equilbria.

 

Solution details:
Get this solution for only: $
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Apr 19, 2020

EXPERT

Tutor

ANSWER RATING

YES, THIS IS LEGAL

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now