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Pasadena City College Microeconomics Discussion Question

Pasadena City College Microeconomics Discussion Question

Question Description

Based on the information in the video, create a payoff matrix (showing the different payoffs that would occur for each player based on the situation) in your discussion post for the four possible outcomes of this game (there should be a way in the discussion to upload a file in the event you just want to draw out the payoff matrix and attach it to your discussion post). Next, identify the Nash Equilibrium of this particular payoff matrix (what is the likely outcome of the game based on each players best interest?). Does either player have a dominant strategy? Explain why or why not. Lastly, what was your reaction to the video itself? What does this video say about acting in one’s own self-interest?

Here is a discussion of the payoff matrix for a similar Golden Balls exercise:

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