Problem Set #1
Due Friday, September 28, 2:00 p.m. in either a hard copy or by email
Problem sets are due by the beginning of class. Late assignments will not be accepted and cannot be made up. If you cannot make it to class, email your answers to me so that I get them before the start of class. If your assignment is handwritten, take a picture of it with your phone and email it to me. If you don’t have a phone that can do that, get a better phone or, failing that, make friends with someone who has a better phone. You may turn in problem sets individually or as a group. If you complete a set as a group, the group should return one copy of the completed assignment with all group members named in writing. All group members will receive the same grade. Groups may be called upon to explain their answers to the class, and should be prepared to present their work.
The assignment has two parts
1. Answer each of the following:
2. Draw the prisoners' dilemma in the normal form. Write one sentence explaining what the outcome will be if both players play their dominant strategy.