Description
One question is asking to find Nash equilibrium, and the rest are asking to find strictly and weakly dominated strategies.Question 1 (max word limit 350 words)
Two business partners have the opportunity to undertake a new project which will lead to a profit of £1000.
First, though, they have to agree on how to split the profit. Consider the following (one-shot) bargaining game:
the two business partners can make simultaneous demands. If the sum of their demands is no larger than
£1000, then they can proceed with the project, obtain their demands and the rest is given to charity. If the sum
of their demands is instead more than £1000, then the project cannot be undertaken, and they both get nothing.
• What are the Nash equilibria of this game?
• What are the strictly dominated strategies?
• What are the weakly dominated strategies?
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