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(3) Consider an extended Minimal Effort Game. There are still two players. Each can choose to exert one of five effort levels. For notation's sake,
(3) Consider an extended Minimal Effort Game. There are still two players. Each can choose to exert one of five effort levels. For notation's sake, denote the effort levels as {1, 2, 3, 4, 5}. The cost incurred by a player i is i. The benefit a player receives is min{1, 2}. Again, assume > > 0).
(a) Depict this 2 player 5x5 normal-form game in a matrix.
(b) Solve for the Nash Equilibrium.
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