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Question: Players 1 and 2 must decide whether or not to carry an umbrella when leaving home. They know that there is a 50-50 chance of rain. Each player's payoff is - 5 if he doesn't carry an umbrella and it rains, - 2 if he carries an umbrella and it rains, - 1 if he carries an umbrella and it is sunny, and 1 if he doesn't carry an umbrella and it is sunny. Player 1 learns the weather before leaving home; player 2 does not, but he can observe player l's action before choosing his own. Give the extensive and strategic forms of the game. Is it dominance solvable?

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Category:- Management Theories
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