Subjective Questions on Consider a one shot simultaneous move game with two players Player 1 and Player 2 Let si i 1 2 desig........... for Indian Economic Service Preparation

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Subjective Questions

Consider a one shot simultaneous move game with two players Player 1 and Player 2 Let si i 1 2 desig...........

Economics-I Theory of Consumer’s Demand
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    Consider a one shot simultaneous move game with two players, Player 1 and Player 2. Let si, i = 1, 2 designate a pure strategy of player i. Let si \neq 0 be the pure strategy set of player i, and \pii (s1, s2) be the pay-off function for player i, i = 1, 2.

    (a) Define a Nash equilibrium in pure strategies for this game.

     (b) Consider the following game : 

                                                     

    Player 2
    Player 2   S _{1}^{2} S _{2}^{2}
    S _{1}^{1}  (10, 10)  (0, 12)
    S _{2}^{1}  ( 12, 0 )  (3, 3)

    Show that the unique pure strategy Nash equilibrium is not Pareto optimal.  (80 words) ( 3+5=8 Marks)

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