Question: Consider a simultaneous choice game where 50 players are asked to choose a number between 0 and 50. The payoff for each player will

Consider a simultaneous choice game where 50 players are asked to choose

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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