Free Mec 002 solved assignment 2022-23
Note: Answer all the questions.
Answer the following questions in about 400 words each. Each question carries 12 marks.
(4.) A. Define games of complete and incomplete information.
In game theory, a game of complete information is a type of game in which all players have full knowledge of all relevant information about the game, including the payoffs of all players and the strategies available to each player. In other words, all players have complete information about the game’s rules, payoffs, and strategic options.
Examples of games of complete information include chess, checkers, and poker with fixed rules. In these games, all players have full knowledge of the rules and payoffs and can make informed decisions based on this information.
On the other hand, a game of incomplete information is a type of game in which some players do not have full knowledge of all relevant information about the game. This can include information about the payoffs of other players, their strategies, or the game’s rules.
Examples of games of incomplete information include most real-world economic and social situations, such as negotiations, auctions, and political campaigns. In these games, players may not have complete information about the preferences, resources, or strategies of their opponents, and must make decisions based on incomplete or uncertain information.
In games of incomplete information, players may use various strategies to gather information and reduce uncertainty, such as making observations, asking questions, or making inferences based on past behaviour. These strategies can help players make more informed decisions and increase their chances of success in the game.
(4) B. From the following pay-off matrix, where the payoffs (the negative values) are the years of possible imprisonment for individuals A and B, determine:
(i) The optimal strategy for each individual?
(ii) Do individuals A and B face a prisoner’s dilemma?
|Individual A||Confess||Don’s Confess|
|Confess||(-5, -5)||(-1, -10)|
|Don’t Confess||(-10, -1)||(-2, -2)|
(1) The optimal strategy for each individual?
The answer to Question 1 will update soon
(2) Do individuals A and B face a prisoner’s dilemma?
Based on the given payoff matrix, it appears that individuals A and B are facing a prisoner’s dilemma.
In a prisoner’s dilemma, two individuals are faced with a choice between cooperating with each other or defecting (i.e., acting in their own self-interest). If both individuals cooperate, they both receive a moderate payoff. However, if one individual defects and the other cooperates, the defector receives a higher payoff while the cooperator receives a lower payoff. If both individuals defect, they both receive a lower payoff than if they had both cooperated.
In the given payoff matrix, the payoffs for confessing (-1, -10) and (-10, -1) are higher than the payoffs for not confessing (-2, -2). This suggests that both individuals would be better off confessing, even though the payoffs for confessing (-5, -5) are lower than the payoffs for not confessing (-2, -2).
Overall, the structure of the payoffs in the given matrix is consistent with the prisoner’s dilemma, as it offers a higher payoff for defection but a lower overall payoff for both individuals compared to cooperation.
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