[SOLVED] Econ Short Essay
Watch the video below and answer the prompt: https://www.youtube.com/watch?time_continue=4&v=jXYxAY1CkBQ&feature=emb_title We discussed strategic interactions among multiple actors and showed how we can model these interactions using a payoff matrix. Watch the following video of a television game show “Golden Balls” where the players must make a decision at the end of the game to split or steal the final winnings. Try to write out the payoff matrix for this game and determine what the Nash equilibrium is. Using that matrix answer the following questions: Given that the game is only played once, how should each player play? What is the likely payoff for each player? How would you play and why? Have you seen this game’s structure occur in the world we live in? How is it overcome or why does it endure? You do not need to include your payoff matrix with your discussion post but I would encourage you to actually try to make one! Please make sure you have used the concept of Nash Equilibrium correctly!
