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QUESTION 1 Explain and discuss game theory approach of modeling competition. In your answer cover the following: a) What is the difference between the equilibrium

QUESTION 1

Explain and discuss game theory approach of modeling competition. In your answer cover the following:

a) What is the difference between the equilibrium in dominant strategies and Nash equilibrium? Show one game example in tabular (simple) form and the other in decision tree (extended) form to support your answer.

b) In what circumstances players choose to follow maximin strategy? Support your answer with specific examples.

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