Perhaps you have wondered what it could mean that the meek shall inherit the earth. Here is
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Let us represent this situation by a game, in which each pig has two possible strategies. One strategy is Press the Lever. The other strategy is Wait at the Trough. If both pigs wait at the trough, neither gets any feed. If both pigs press the lever, the big pig gets all of the feed and the little pig gets a poke in the ribs. If the little pig presses the lever and the big pig waits at the trough, the big pig gets all of the feed and the little pig has to watch in frustration. If the big pig presses the lever and the little pig waits at the trough, then the little pig is able to eat 2/3 of the feed before the big pig is able to push him away. The payoffs are as follows. (These numbers are just made up, but their relative sizes are consistent with the payoffs in the Baldwin-Meese experiment.)
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(a) Is there a dominant strategy for the little pig? ___________ Is there a dominant strategy for the big pig? _______
(b) Find a Nash equilibrium for this game. Does the game have more than one Nash equilibrium? _____________ (Incidentally, while Baldwin and Meese did not interpret this experiment as a game, the result they observed was the result that would be predicted by Nash equilibrium.)
(c) Which pig gets more feed in Nash equilibrium? __________
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a Is there a dominant strategy for the little pig Yes Wait Is there a dominant strategy for the big ...View the full answer
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