Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table:
left 6,5 right 2,4
7,2 5,3
A) Does Player 1 have a dominant strategy, and if so what is it?
B) Does Player 2 have a dominant strategy and if so what is it?
C) For each of the following strategy combinations, write TRUE if it is a Nash Equilibrium, and FALSE if it is not:
- i) Top/Left
- ii) Top/Right
- iii) Bottom/Left
- iv) Bottom Right
D) What is Player 1's maximin strategy?
E) What is Player 2's maximin strategy?
F) If the game were played with Player 1 moving first and Player 2 moving second, using the backward induction method we went over in class, what strategy will each player choose?