Principles of Microeconomics (ECON 1101)
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Econ 121b: Intermediate Microeconomics
While the idea of a matching pennies game may seem contrived, it is merely the simplest example of a general class of zero-sum games, where the total payoff of the players is constant regardless of the outcome. Consequently gains for one player can only come from losses of the other. For this reason, zero-sum games will rarely have a pure strategy Nash equilibrium. Examples would be chess, or m...
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Solution The following is a Nash equilibrium: Player 1 calls and the other players do not call. Player 1’s payoff in this action profile is equal to v− c, and is greater than 0, which is the payoff he would get if he deviated and did not call. All the other players get a payoff of v, which is greater than the payoff that they would get if they were to deviate and call: v − c. Therefore, no play...
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Solution We know that a strictly dominated action is played with zero probability in any Nash equilibrium. There are two pure strategy equilibria (M,L), (B,R). There is no equilibrium in which only one of the players completely mix. The only remaining possibility is both of them completely mixing. Let p be player 1’s probability of playing M and q be player 2’s probability of playing L. As we k...
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Rationality principles are the bedrock of normative theories of decision-making in biology and microeconomics, but whereas in microeconomics, consistent choice underlies the notion of utility; in biology, the assumption of consistent selective pressures justifies modelling decision mechanisms as if they were designed to maximize fitness. In either case, violations of consistency contradict expe...
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Introduction: Nurses must be aware of the risks regarding endotracheal tube suctioning and should have continuing education in this field. This study was performed to assess the impact of instruction on the knowledge and performance of NICU nursing staff in Shiraz University of Medical Sciences in 2006. Methods: Fifty nurses of neonatal intensive care units participated in this quasi experimen...
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