Business, 19.02.2020 22:23, madison111111111111

Suppose Hubert and Kate are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices.

For example, the lower-right cell shows that if Hubert chooses Right and Kate chooses Right, Hubert will receive a payoff of 6 and Kate will receive a payoff of 5.

Kate

Left Right

Left 8,4 4,5

Hubert Right 5,4 6,5

1. The only dominant strategy in this game is for to choose .

2. The outcome reflecting the unique Nash equilibrium in this game is as follows: Hubert chooses and Kate chooses .

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Suppose Hubert and Kate are playing a game in which both must simultaneously choose the action Left...