In: Economics
Consider the following situation:
Two animals are competing for territory. Each animal chooses to be either Aggressive or Passive in this competition, and has the following preferences over the outcomes:
Refer back to the situation in Question 4.
When modeled using game theory, how would Animal 1's preferences rank the four possible strategy profiles?
Group of answer choices
Most Preferred
[ Choose ] Animal 1 is Passive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Passive. Animal 1 is Passive, Animal 2 is Passive.
2nd Most Preferred
[ Choose ] Animal 1 is Passive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Passive. Animal 1 is Passive, Animal 2 is Passive.
3rd Most Preferred
[ Choose ] Animal 1 is Passive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Passive. Animal 1 is Passive, Animal 2 is Passive.
Least Preferred
[ Choose ] Animal 1 is Passive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Aggressive Animal 1 is Aggressive, Animal 2 is Passive. Animal 1 is Passive, Animal 2 is Passive.
Refer back to the situation in Question 4.
When modeled using game theory, how would Animal 2's preferences rank the four possible strategy profiles?
Group of answer choices
Most Preferred
[ Choose ] (P, A) (A, P) (P, P) (A, A)
2nd Most Preferred
[ Choose ] (P, A) (A, P) (P, P) (A, A)
3rd Most Preferred
[ Choose ] (P, A) (A, P) (P, P) (A, A)
Least Preferred
[ Choose ] (P, A) (A, P) (P, P) (A, A)
Each player has two possible actions- 'Passive' and 'Aggressive'
The given information-
The preference choices for both the animals are identical and determined as follows -
The actions available Passive (P) and Aggressive (A). The action pair is (Animal 1's action, Animal 2's action)
The preference choice of Animal 1 is as follows -
That is preference order for Animal 1 is -
(A, P) > (P, P) > (P, A) > (A, A)
Similarly, similar will be the preference choice for Animal 2 only order changes that are -
That is the preference order of Animal 2 is -
(P, A) > (P, P) > ( A, P ) > (A, A)