Question(3) Find a ‘real world situation’ in which a non-cooperative game occurs in politics, business, commerce, group work etc Identify the Nash equilibria (if any). Discuss the merits of various stratagies. In the ‘real world’ is your game played once between the participants or played again and again? How might this influence the strategies used.

Question(3) Find a ‘real world situation’ in which a non-cooperative game occurs in politics, business, commerce, group work etc Identify the Nash equilibria (if any). Discuss the merits of various stratagies. In the ‘real world’ is your game played once between the participants or played again and again? How might this influence the strategies used.

 

Solution

Situation 1: Two people have been kept for a minor offence and bound in partitioned cells. The examiners speculate that these people are engaged