What is meant by the first-mover advantage? How does commitment matter in a game with a first-mover
Question:
a. Some games have a first-mover advantage and others do not. Suppose you were playing rock-paper-scissors as an extensive form game. First you choose rock, or paper, or scissors and then your opponent makes a choice. Is there a first-mover advantage in this game?
b. Two firms are thinking of entering a new market. If only one enters, it will make high profits. If two firms enter, then both will suffer losses. Suppose that the game is played sequentially, with Firm 1 deciding first. Does this game have a first-mover advantage?
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A player can have a firstmover advantage in a game that is played sequentially rather ...View the full answer
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