Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. (25 p.) In a class consisting of 100 students, the professor makes the following an nouncement: all of you must simultaneously and independently write

image text in transcribed
4. (25 p.) In a class consisting of 100 students, the professor makes the following an nouncement: \"all of you must simultaneously and independently write a number be tween 0 and 100 on a piece of paper, and give it to me. I will calculate the average of all the submitted numbers. Lets call this average 33. The target number will be :I: 40 +2 The student whose submitted number is closest to the target wins $100. If there is a tie for rst place, those who came closest will share the $100 (for example, if four stu dents tie for rst, each gets $25)\". What is the (pure strategy) Nash equilibrium? We want to know the exact numerical value each student submits. Emplam your reasoning

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Basic Statistics

Authors: Charles Henry Brase, Corrinne Pellillo Brase

6th Edition

978-1133525097, 1133525091, 1111827028, 978-1133110316, 1133110312, 978-1111827021

Students also viewed these Economics questions