(Answered) Question consider a game with two players who cannot

Economics

Question: Consider a game with two players who cannot communicate, and in which each player is asked a question. The players can answer honestly or lie. If both answer honestly, each receives $100. If one player answers honestly and the other lies, the liar receives $500 and the honest player gets nothing. If both lie, then each receives $50.

a. Describe the strategies and the payoffs.

b. Construct the payoff matrix.

c. What is the equilibrium of this game?

d. Compare this game to the prisoners' dilemma. Are the games similar or different? Explain.

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