Solution Concepts Homework


Think of a problem that involves two or more players.

  1. Describe the problem, identify payoffs, and create a payoff matrix for the problem.  This problem can be just about anything, but don't choose the prisoner's dilemma.
  2. "Solve" the problem or justify why no relevant solution exists using each of the following concepts.
    1. Maximin
    2. Best response
    3. Nash equilibrium
    4. Pareto optimality
    5. Strategic dominance
    Since we haven't talked about how to find Nash equilibria, it is in your best interest to keep it simple.