Game Theory (Dependent Payoffs)
Give a real-world example of an activity where your payoff (utility) is not determined just by your own actions, but also on the actions of others.
1. Be specific in describing how the actions of others impacts your utility.
2. Describe the set of actions the other person may take (their strategies)
3. Describe the set of actions you may take (your strategies)
4. Include at least two strategies for the other person and at least one possible strategy for yourself.
Example: In soccer sometimes a player gets to take a penalty kick. The penalty taker’s payoff is determined not only by his actions but also by the actions of the goalkeeper. If the penalty taker kicks to the right, and the keeper jumps to the left, the ball goes in the net and the penalty taker gets a high (positive) payoff. But if the goalkeeper jumps to the same place the penalty taker kicks the ball, then the keeper will save the shot and the penalty taker will get a bad (negative) payoff. This is an example of a game where payoffs of each player is dependent not only on their own actions but also on the actions of their opponent.
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