Two mining companies, Fox and Trot, bid for the right to drill a field. The possible bids are $ 15...

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Two mining companies, Fox and Trot, bid for the right to drill a field. The possible bids are $ 15 Million, $ 25 Million, $ 35 Million, $ 45 Million and $ 50 Million. The winner is the company with the higher bid. The two companies decide that in the case of a tie (equal bids), Fox is the winner and will get the field. Fox has ordered a geological survey and, based on the report from the survey, concludes that getting the field for more than $ 45 Million is as bad as not getting it (assume loss), except in case of a tie (assume win

Aditi · Accepted Answer

Answer
1. In a two-person zero-sum game, each player gets to choose between a few suggested systems on their turn, and each player's loss is the same as the next player's gain. The answer to the match is the proverb in paradigm, which means that each player chooses the move that increases their base payoff. In this match, Company 1 ends up winning the bid if there is a tie or if the bid is more than $45 million, but if the bid is less than $45 million or more than $45 million, he loses. This means that if the highest bid is less than $45 million, he wins the game. The same logic applies to Company 2, with one exception:

Two mining companies, Fox and Trot, bid for the right to drill a field. The possible bids are $ 15 Million, $ 25 Million, $ 35 Million, $ 45 Million and $ 50 Million. The winner is the company with...

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