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28.1D (See Problem 28.1) Big Pig and Little Pig have twopossible strategies, Press the Button,...

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Economics

28.1D (See Problem 28.1) Big Pig and Little Pig have twopossible strategies, Press the Button, and Wait at the trough. Ifboth pigs choose Wait, both get 1. If both pigs press the buttonthen Big Pig gets 8 and Little Pig gets 2. If Little Pig pressesthe button and Big Pig waits at the trough, then Big Pig gets 10and Little Pig gets 0 . Finally, if Big Pig presses the button andLittle Pig waits, then Big Pig gets 5 and Little Pig gets 1. InNash equilibrium, (a) Little Pig will get a payoff of 1 and Big Pigwill get a payoff of 5. (b) Little Pig will get a payoff of 2 andBig Pig will get a payoff of 8 . (c) Both pigs will wait at thetrough. (d) Little pig will get a payoff of zero. (e) The pigs mustbe using mixed strategies.

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