Alex and Bob are co-workers, and they must complete a project together. Each of them independently...

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Alex and Bob are co-workers, and they must complete a project together. Each of them independently and simultaneously must decide whether to make a low effort (L), medium effort (M), or high effort (H) to complete this project. The normal form representation of the game via a payoff matrix is given below. Alex L M H L 1,2 3,1 6,3 Bob M 2,3 5,3 4,2 H 4,4 3,2 3,1 (a) Determine whether Alex has a dominant strategy and explain. (b) Determine whether Bob has a dominant strategy and explain. (c) Determine all Nash equilibria of the above game and explain. Now, suppose that Alex and Bob complete the project sequentially. D) Assume that Alex decides his effort level and starts the project first, and then Bob decides his effort level and finishes the project, resent the extensive-form representation of the game (i.e., draw a decision tree which is also referred as the game tree). What is your prediction regarding the outcome of the game? Explain your prediction. Alex and Bob are co-workers, and they must complete a project together. Each of them independently and simultaneously must decide whether to make a low effort (L), medium effort (M), or high effort (H) to complete this project. The normal form representation of the game via a payoff matrix is given below. Alex L M H L 1,2 3,1 6,3 Bob M 2,3 5,3 4,2 H 4,4 3,2 3,1 (a) Determine whether Alex has a dominant strategy and explain. (b) Determine whether Bob has a dominant strategy and explain. (c) Determine all Nash equilibria of the above game and explain. Now, suppose that Alex and Bob complete the project sequentially. D) Assume that Alex decides his effort level and starts the project first, and then Bob decides his effort level and finishes the project, resent the extensive-form representation of the game (i.e., draw a decision tree which is also referred as the game tree). What is your prediction regarding the outcome of the game? Explain your prediction.

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Dominant Strategy optimal option for a person amongst all the competitive strategies a No Alex does ... View the full answer