Question
GAME THEORY (MASTERCARD VS VISACARD) Let's have fun with game theory. Game theory can be used to explain on the strategies taken by firms, organizations
GAME THEORY (MASTERCARD VS VISACARD)
Let's have fun with game theory. Game theory can be used to explain on the strategies taken by firms, organizations or even countries. Please choose one scenario of game played by the players. The game should consist of the basic three elements; players, strategies they played and the payoff or rewards from the game.
Your Questions:
1 Describe the type of game that is involved in the chosen situation.
2 Draw a game tree of the situation, with the appropriate payoffs.
3 Assume there are two players only in the game and assume Player 1 moves first, analyze the game tree and explain the result observed.
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