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In: Economics

Consider now the following two-player simultaneous-move game, called the rock-paper-scissors-lizard game. R stands for rock, P...

Consider now the following two-player simultaneous-move game, called the rock-paper-scissors-lizard game. R stands for rock, P for paper, S for scissors, and L for lizard. R beats S but loses against P and L; P beats R but loses against S and L; S beats P and L but loses against R; L beats R and P but loses against S. The payoffs for winning is 1 and that for losing is -1; when both players choose the same strategy they each get 0. Assume that Player Row chooses R with probability r, P with probability p, and S with probability s (similarly for Player Column).

c) Write down the normal form representation of the game.

d) Find all the Nash equilibria (pure and mixed strategies) of the game. Comment.

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Expert Solution

Rahul Sunny answered 1 year ago
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