1. Consider a 2-player, alternating offer bargaining game lasting T=4 rounds, where Player 1 is the rst one to make an offer, followed by Player 2. Suppose the disagreement value is 0 for both players. Rather than assuming discounting of future payoffs, let us assume that the gains from trade, m, which are initially, (in round 1) equal to $24 shrink by 50 percent each round if an agreement was not reached in the prior round. Assume further that players choose to accept an offer when being indifferent between accepting or rejecting an offer. a. Write this game down in extensive form, being careful to label the players, moves and possible payoffs. b. What is the subgame perfect equilibrium of this game? In what round (if any) is an agreement reached and what amounts do the two players get? Explain carefully