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Questions 1-5 Games People Play - Assignment Example

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The dilemma for both players is to choose correctly which wine goblet is safe to drink, and which has the poison. Vizzini lost the game when he drank the wine with poison, and the game ended with the masked man as the victor. 2. What a person chooses to do in terms of decision-making and strategy can be explained by the common knowledge of rationality, or CKR. By exploring all possibilities and expectations on what others will do, as well as what might happen in certain if-then scenarios, effective strategies can be made given the possibility that the people a person plays with are also rational (Heap 23). For example, in reviewing for exams, strategies can be applied in such a way that the method can be more efficient and there would be a higher retention as compared to non-strategic reviewing. In my case, I just make an outline of the chapter to be studied, and then list all pertinent terms as well as their definitions. Afterwards I try to make a paraphrased version of the whole concept of the chapter, only studying extensively when needed to. This allows more time to focus on the concepts and framework of the chapter, rather than just rote-reading the whole chapter. Another simple strategy that needs to weigh in the possible outcomes is during a small game of cards. In games that entail the players to pit the suit and numbers in their cards, possibilities are usually run in the minds of each player. My usual strategy for this to prevent landing in last place is to recall as much as possible

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which cards were already discarded, then check my own hand and rule out the possibilities of the remaining cards. 3. The Nash equilibrium’s basic idea is that in a game, players would tend not to change their chosen strategies if the preferences of the other players as well as their strategies were already given out at the beginning (Heap 41). In the given situation, wherein the policeman threatens the petty crook of being punished severely and in turn makes her confess to her crime shows an example of a Nash equilibrium, provided that the policeman follows-through on what he said. In a subgame perfect equilibrium however, the movements of all the players are sequential, and that the last player’s move (leader) would dictate the actions of the next player (follower) in the game (Osborne 97). If the crook would choose not to confess, the policeman would have a harder time since he should be following-through with his threat, and that in order to obtain the harshest punishment for the crook, more than sufficient evidence must be produced. If not, the petty crook would not get punished as heavily as the policeman threatened her, making the whole thing a bluff. 4. The prisoners’ dilemma is an example of an inefficient Nash equilibrium, wherein the outcomes for all players only go from bad to worse (Myerson 97). The dilemma for two criminals involved in two crimes is that one would get sentenced for a minor crime without confession, and that one would get sentenced in a major crime if the other confessed. If one confesses, he would go free and the other one would remain behind bars for six years. If both confess, they would serve time for five years. But if none of them confesses, both can get out of jail after one year. This situation would bring out an individual’

Summary

Answers to Questions 1-5 Games People Play 1. The four elements of a game (with respect to game theory) are: the players; the rules of the game; the alternatives (or outcomes) of the game; and the players’ preferences on the outcomes of the game (Maoz 30)…
Questions 1-5 Games People Play
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