Consider the following game. Suppose there are three political candidates (Frump (F) and Crinton (C)) are deciding

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Consider the following game. Suppose there are three political candidates (Frump (F) and Crinton (C)) are deciding on what level of military spending they will choose to be part of their political platform. The options are between 0 and 50% of the next budget. Further suppose that this is the only issues voters care about. In other words, individuals will vote for the candidate that chooses the level of military spending closes to their individual preference.

(a) Find the equilibrium choice of military spending for all three candidates. Explain.

(b) Now suppose that there is a third independent candidate that enters the race, Bernie Banders (B). Find the equilibrium choice of military spending for all three candidates. Explain.

Posted Date: Nov 25, 2021 05:02 AM

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Consider the following game. Suppose there are three political candidates (Frump (F) and Crinton (C)) are deciding

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a Military expenditures iThe spending for the general budget can range from 0 to 50 and ... View the full answer

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