ECO 550 FINAL EXAM PART 2

Question 1 In a game, a dominated strategy is one where: It is always the best strategy It is always the worst strategy It is the strategy that is the best among the group of worst possible strategies. Is sometimes the best and sometimes the worst strategy Question 2 To trust a potential cooperator until the first defection and then never cooperate thereafter is a dominant strategy an irrational strategy a grim trigger strategy a non-cooperative finite game strategy a subgame imperfect strategy ...

1. A dominant strategy differs from a Nash equilibrium strategy in that a. Nash equilibrium strategy does not assume best reply responses b. dominant strategy assumes best reply responses c. only Nash strategy applies to simultaneous games d. one dominant strategy is sufficient to predict behavior in a multi-person game e. Nash strategy is often unique 2. A key to analyzing subgame perfect equilibrium strategy in sequential games is a. predictable behavior b. an explicit order of play for at lea...

Question 1 In a game, a dominated strategy is one where: It is always the best strategy It is always the worst strategy It is the strategy that is the best among the group of worst possible strategies. Is sometimes the best and sometimes the worst strategy Question 2 To trust a potential cooperator until the first defection and then never cooperate thereafter is a dominant strategy an irrational strategy a grim trigger strategy a non-cooperative finite game strategy a subgame imperfect strategy ...

Question 1 In a game, a dominated strategy is one where: It is always the best strategy It is always the worst strategy It is the strategy that is the best among the group of worst possible strategies. Is sometimes the best and sometimes the worst strategy Question 2 To trust a potential cooperator until the first defection and then never cooperate thereafter is a dominant strategy an irrational strategy a grim trigger strategy a non-cooperative finite game strategy a subgame imperfect strategy ...