Explain the structure of the payoff matrix, including: . . . The players and how...

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Explain the structure of the payoff matrix, including: . . ● . The players and how they are represented in the matrix (who are they? Who is the row player and who is the column player?) Their objectives The information structure - who knows what? The payoffs and how they are always shown in the matrix (whose payoff is the first term in the brackets?) - what do the payoffs represent? What matters - the absolute or the relative structure of the payoffs, and why? Explain the structure of the payoff matrix, including: . . ● . The players and how they are represented in the matrix (who are they? Who is the row player and who is the column player?) Their objectives The information structure - who knows what? The payoffs and how they are always shown in the matrix (whose payoff is the first term in the brackets?) - what do the payoffs represent? What matters - the absolute or the relative structure of the payoffs, and why?

Answer rating: 100% (QA)

Answer Explanation I The payoff matrix has two players represented by the rows and columns II The pa... View the full answer