Describing Real Life Games

Question 1

A Game of incomplete information is knowledge about market participants that is unavailable to all players. An example of a game of incomplete information is whereby an organization such as Adidas does not know any information concerning competitors like Nike.

Question 2

An example of a game of incomplete information is Apple Company that does not have information concerning Samsung.

Question 3

A game of imperfect information is a game where all players participating in the game observe other players. All players in the game have complete information about other participants. Moreover, the players have complete information about the structure of the game.

Question 4

Another instance of a game of imperfect information is Givenchy that has all information concerning Prada, which is an industry also majoring in producing clothes

Question 5

The payoff for the game is 42. Each player has to make a single decision. The decision made affects the payoff gain or loss of the other participants. The first player is always at risk of losing especially if they stop. Therefore, the probable winner is player two since player one chooses to stop.

Question 6

The solution from the game is fair. Nevertheless, the game could have improved if player choose to continue instead of stopping.

Question 7

A centipede game involves including two players and a payoff. The two players have to make a decision of whether to pass or take the first set of pay off. The game is interesting because the decision the players make determine if they will win.

Question 8

The numbers in the leg of the centipede imply that player chose to stop since the number is split between the two players.

X, X = 0, 2

X, X = 3, 0

X, X = 0, 4

X, X= 4, 1