E(CD CD) = [(P -S)-(1 -R)] +I[I -P)-(P-S)] + P (1) Recall the following simplified version of (1) when the fear and greed payoff differences are equal: E(CD CD) = P + r(R-P) (2) 1. Using Table 1 in Study Chapter 8B or 9B, and assuming the fear and greed payoff differences are equal [P - S = T - R = ], we have the following formulas for the total expected payoffs of these two players, depending on the fraction of CD players in this subpopulation, denoted Ecp; and the complementary fraction DD players, 1 - ECD. E(CD| ECD ) = ECD[P + r(R - P)] + (1 - ECD)[P - w(P - S)] E(DD| ECD ) = ECD[P + w(T -P)] + (1 - ECD) P Go through the algebra to show when the top formula is larger than the bottom formula, in order to have E(CD | ECD) > E(DD | 5CD). 2. Use Question 1 to explain how CD players can always outperform DD players starting from any positive frequency in the population, ECD > 0