Write a paper that uses game theory to to set up a game designed to help...

Write a paper that uses game theory to to set up a game designed to help a consumer decide whether to buy life insurance or not. To keep the game relatively simple, assume the life insurance being considered is term life, i.e. insurance without an accumulating investment value.

Keep in mind that your paper is going to be read by people without prior knowledge of game theory.

Remember to cite any outside references used.

Hint: The most common set-up for this game is to have a potential insurance buyer playing against 'Mother Nature'.

Expert Solution

There are two people in the amusement. Player 1 is X1 and player 2 is X2. Here, X1 is the player and X2 is the approach holder. Each time the approach holder fills in the proposition, the diversion is played. Expect, two procedures are here every: acknowledgment of dismissal for X1 and wellbeing or ailment for X2.

X1/X2 solid proposer sick proposer

Acknowledgment A C

Dismissal B D

This demonstrates the back up plan needs to acknowledge a terrible hazard, it would be better for the guarantor to dismiss the awful hazard than a decent hazard. An and D are great outcomes.In request to discover the estimation of the amusement for X1, ought to apply:The minimax basis are the bayes model.

Rahul Sunny answered 2 years ago

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