Consider a simultaneous choice game where 50 players are asked to choose a number between 0...

 

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Consider a simultaneous choice game where 50 players are asked to choose a number between 0 and 50. The payoff for each player will be: • the number they choose in pounds if it is the lowest among all players' choices (if multiple players choose that same lowest number, the money will be evenly divided between them) • zero otherwise a. Find the Nash Equilibrium strategies of this game. Explain. [30%] b. Find the Pareto Efficient strategies. Explain. [20%] c. What oligopoly model would you relate this game to? Explain. [50% ] Consider a simultaneous choice game where 50 players are asked to choose a number between 0 and 50. The payoff for each player will be: • the number they choose in pounds if it is the lowest among all players' choices (if multiple players choose that same lowest number, the money will be evenly divided between them) • zero otherwise a. Find the Nash Equilibrium strategies of this game. Explain. [30%] b. Find the Pareto Efficient strategies. Explain. [20%] c. What oligopoly model would you relate this game to? Explain. [50% ]

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a Nash Equilibrium strategies In this simultaneous choice game each player has to choose a number between 0 and 50 To find the Nash Equilibrium we nee... View the full answer