1 answer

B) Is there a dominant strategy for Person 1? If so, describe it

Question:

6. Suppose that n people have dinner together and agree to split the check equally. There are 10 different meals available on

B) Is there a dominant strategy for Person 1? If so, describe it

6. Suppose that n people have dinner together and agree to split the check equally. There are 10 different meals available on the menu. Meal i costs c and Person 1 values meal i at v Person 1's net payoff is the value of the meal to him minus his share of the total restaurant bill. A) Write Person 1's payoff as a function of the meal that he chooses and the meals chosen by the other diners in his group.

Answers

A) Let us suppose all persons chooses dish 1 to 10 , then

Person1's payoff = V1 - ( C1 + C2 + C3 ...... + C10)/10

B) Now person 1 has control over V1 and C1. So his dominant strategy would be choose that dish for which V1 - C1 is highest for Person1. Because then no matter what other chooses, his payoff will be highest.

Hope, its clear.

.

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