Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Each of n people chooses whether or not to become a political candidate, and if so whichposition to take on a 0-1 spectrum.(Assume the positions

Each ofnpeople chooses whether or not to become a political candidate, and if so whichposition to take on a 0-1 spectrum.(Assume the positions are perfectly divisible along the spectrum and that they can pick any point in this range, and including the extremes).

There is a continuum of citizens, each of whom has a favourite position; Assume that the citizens are uniformly distributed over the 0-1 spectrum. A candidate attracts the votes of those citizenswhose favourite positions are closer to his position than to the position of any other candidate; ifkcandidates choosethe same position then each receives the fraction 1/kof the votes that the position attracts. The winner of thecompetition is the candidate who receives the most votes. Each person prefers to be the unique winning candidatethan to tie for first place, prefers to tie for first place than to stay out of the competition, and prefers to stay out ofthe competition than to enter and lose.

  1. Model as a strategic game and solve for the pure strategy Nash if n=2.
  2. Is there a pure strategy Nash if n=4?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Calculus Early Transcendentals

Authors: William L. Briggs, Lyle Cochran, Bernard Gillett

2nd edition

321954428, 321954424, 978-0321947345

More Books

Students also viewed these Mathematics questions