The three members of a companys board of directors are voting on whether to give themselves each a base pay raise. The CEO is player 1; the worker is player 2; and the Manger is player 3. The raise is worth $4 million to each of them, but each board member who votes for the raise incurs a cost of shareholder resentment equal to $1 million. (Each board member believes that shareholders will vote to cut the bonusof any board memberwho votesfor the base pay raise.) Majority rule decides whetheror not the board membersget the base pay raise.

Draw a game tree, assuming that the board members vote sequentially and publicly. Please let a yes vote be the upper branch from each decision node and a no be the lower branch.