Scenario: Consider the Following Non-Cooperative, Simultaneous-Move Game Where Each Player

question 77

Multiple Choice

Scenario: Consider the following non-cooperative, simultaneous-move game where each player knows her own and her opponent's payoffs. This game is called the dating dilemma. Hayley and Jack are a couple deciding what to do on a Saturday afternoon in the summer. Hayley wants to go to the Museum of Modern Art (MoMA) , while Jack wants to go to a New York Mets game. Neither Jack nor Hayley will derive any benefit from going to their preferred activity without their partner. The payoff matrix for this game is presented below.

-Refer to the scenario above.Are there any Nash equilibria?

• A) Yes, Hayley and Jack both choose to go to the Mets game
• B) Yes, Hayley chooses to go to the MoMA and Jack chooses to go to the Mets game
• C) Yes, Hayley and Jack both choose to go to the MoMA
• D) (A) and (

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Definitions:

Void Contract

A contract that is legally unenforceable from the moment it was created.

Promissory Estoppel

An equitable doctrine that protects those who foreseeably and reasonably rely on the promises of others by enforcing such promises when enforcement is necessary to avoid injustice, even though one or more of the elements normally required for an enforceable agreement is absent.

Merchants

Individuals or businesses engaged in the trade of goods, services, or commodities for profit.

Nonmerchants

Individuals or entities that do not regularly engage in selling goods or services and therefore may not be held to the same standards as merchants in commercial transactions.