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Title: A selfless person approaches Jones and Smith with $100 bill and offers to sell it to the highest bidder, but both the wi

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Q:

A selfless person approaches Jones and Smith with $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids.  So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with --$1.  If both bid the same amount, the $100 is split evenly between them.  Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2.  Write out the payoff matrix for this game, and then find its Nash equilibrium.


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Title: A selfless person approaches Jones and Smith with $100 bill and offers to sell it to the highest bidder, but both the wi

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    • Posted Date: May 4, 2012 at 4:47:03 PM

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... person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, bu...

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