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Title: A selfless person approaches Jones and Smith with a $100 bill and offers to sell it

Question Details
Q:

A selfless person approaches Jones and Smith with a $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 a $100 bill and offers to sell it

    • This tutorial was purchased: 1.

    • Posted Date: Apr 27, 2012 at 9:10:15 PM

    • The full tutorial is about words long

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

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A selfless person approaches Jones and Smith with a.docx  (35K)

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