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Game Theory and Strategy · End Term · 1 Sept 2024 · May 2024 term · Set QDB1

Question 9: A market game has two buyers and one seller. Seller 1 has…

Question 9

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A market game has two buyers and one seller. Seller 1 has a watch whose worth for him is ₹2000 and he offers it for sale. Players 2 and 3 are two potential buyers who do not own a watch. The worth of watch is ₹2800 for one buyer (player 2) and ₹3000 for the other buyer (player 3). Each buyer is interested in paying the lowest price for the watch and unwilling to pay more than the watch's worth to him. Describe the game in coalition form and answer the given subquestions.

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Correct answer: 2000

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Question 9 of 41 in the IIT Madras BS Game Theory and Strategy (Game Theory) End Term paper sat on 1 Sept 2024, in the May 2024 term (IIT M DEGREE AN EXAM QDB3 01 Sep 2024). It carries 0.5 marks.

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