Search for question
Question

Imagine that you and every other member of the class are making simultaneous guesses, between limits 0 and 100. The student whose guess is closest to the target of 1/2

the class average guess wins a prize of 5extra credit points with ties broken randomly. What is your guess? Now imagine instead that the member whose guess is closest to the target of 2/3 the class average guess wins a prize of 5 extra credit points, with ties broken randomly. What is your guess? Make a guess for each instance and explain your reasoning below. Is there a dominant strategy equilibrium for this game? Explain. Feel free to use bullet points and brief sentences.

Fig: 1

Fig: 2

Fig: 3

Fig: 4

Fig: 5