Players 1 (proposer) and 2 (receiver) are bargaining over how to split the ice-cream of size 1. In the first stage, player 1 proposes a share {x, 1 − x} to player 2 where x ∈ [0, 1] is player 1’s own share. Player 2 can decide whether accept the offer or reject it. If player 2 accepts, then the game finishes and players get their shares. If player 2 rejects, the game move to the second stage, in which the size of the ice-cream becomes δ(∈ (0, 1)) of the original size due to melting. In the second stage, by flipping a coin, the ice-cream is randomly assigned to one of the players. Suppose each player maximizes expected size of the ice-cream that she can get. Derive a subgame perfect Nash equilibrium of this game.
6. Question 6 (6 points)
Consider the following labor market signaling game. There are two types of worker. Type 1 worker has a marginal value product of 1 and type 2 worker has a marginal value product of 2. The cost of signal z for type 1 is C 1 (z) = z and for type 2 is
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Anika is going to work in England in the future, so she needs to study English harder. イ There are about 1,200,000,000 Hindi speaking people in India.
ウ People in India speak some languages at the same time because there are 15 languages on Indian bank notes.
Problem Set 2: Posted on November 18
Advanced Microeconomics I (Fall, 1st, 2013)
1. Question 1 (7 points)
A real-valued function f (x) is called homothetic if f (x) = g(h(x)) where g : R → R is a strictly increasing function and h is a real-valued function which is homo- geneous of degree 1. Suppose that preferences can be represented by a homothetic utility function. Then, prove the following statements.
You and your n − 1 roommates (n ≧ 2) each have five hours of free time that could be used to clean your apartment. You all dislike cleaning, but you all like having a clean apartment: each person i’s payoff is the total hours spent (by everyone) cleaning, minus a number c (> 0) times the hours spent individually cleaning. That is,
◮ with probability p, a consumer with wealth x will receive a
times of her current wealth x
◮ with probability 1 − p she will receive b times of x.
Thm Assume that the assumptions of Pratt’s Theorem holds. Then, for any proportional risk, the decision maker 1 is more risk
Problem Set 2: Posted on November 4
Advanced Microeconomics I (Fall, 1st, 2014)
1. Question 1 (7 points)
A real-valued function f (x) is called homothetic if f (x) = g(h(x)) where g : R → R is a strictly increasing function and h is a real-valued function which is homo- geneous of degree 1. Suppose that preferences can be represented by a homothetic utility function. Then, prove the following statements.
simultaneously chooses a strategy, and the combination of strategies determines a payoff for each player.. Each chooses her own action without knowing others’ choices.[r]