Discuss the below in detail:
Q: A simple 3x3 game. Consider the following game:
|
PLAYER X
|
PLAYER Y
|
|
L
|
C
|
R
|
|
T
|
8, 3
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0, 4
|
4, 4
|
|
M
|
4, 2
|
1, 5
|
5, 3
|
|
D
|
3, 7
|
0, 1
|
2,
|
a) Write down the normal form representation of this game, describing the three essential elements of the game.
b) Can this game be solved using Iterated elimination of dominated strategy (IEDS)? If so find the equilibrium using IEDS. Explain your solution.
c) Find all Nash equilibria of this game. Explain your solution.