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Usual rules apply to this exercise. This means (i) not speaking to anyone else about this exercise (ii) not paying attention to how others around
Usual rules apply to this exercise. This means (i) not speaking to anyone else about this exercise (ii) not paying attention to how others around you may be "playing" this exercise (iii) turning in your assignment on time!! This exercise is due before the deadline for week #10. You will play the game described below with a group of five other subjects so there is a total of six people (including yourself) in your group.1 You will be assigned to a group randomly, and you do not know exactly who in the room you are grouped with. Here is how the game works. a. You pick a number from 1 to 7 (integers only). b. I compute the minimum of all numbers picked by other subjects in your group (excluding your number). Label this number MIN. c. Your possible payoffs are shown in the table below (higher numbers are better). Each entry tells you the payoff if you choose the row number, and the column number is the MIN of others in your group. Here are some examples: If you pick 7 and the MIN of others in your group is 5, then your payoff is 13. If you pick
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