Ingredients of a Simultaneous - Move Game Assignment

Assignment Task 

Q1 (A) What are the ingredients of a simultaneous-move game? Show (using simple examples) how one might propose a “solution” for such games. Comment on the strengths and weaknesses of your solution concept(s).

• Document a situation in which game-theoretic analysis explains the outcome, and also a situation in which the outcome deviated from the prediction(s). For the second case, why did the prediction fail?

Q2 (A) How might a player use strategic delegation (putting a decision into the hands of another player) to influence the behavior of a competitor or other player, or as a method for deterring the entry of a potential competitor? Is it credible?

• Find a situation in which one player voluntarily relinquished control to another party. Did this help to achieve the objectives of the delegating player?

Q3 (A) What are the major forms of auction format for the sale of a single object? For buyers who know their valuations for the object, what are the optimal bidding strategies? (You may instead, if you wish, consider a situation in which the auctioneer is procuring (that is, seeking to buy; this is a tendering process) and the bidders are competing sellers.)

• Describe a real auction or tender process. Explain the rules, including the reserve price (if any), the number of bidders, and the likely ranges for bidders’ valuations. If you were a participant, then what would you do?

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