Identify the title: “But Billy was holding the boot now. Unl…

Identify the title: “But Billy was holding the boot now. Unlacing it trying to force it back on, except it was already on, and he kept trying to tie the boot and foot on, working with the laces, but it wouldn’t go, and how everybody kept saying, ‘The war’s over, man be cool.'”

Identify the character:An intelligent young Black man, who i…

Identify the character:An intelligent young Black man, who is the valedictorian of his high school invited to give a speech to a group of white men, is forced to fight other young Black men for entertainment before he is finally given his college scholarship.  

We refer to a “game” every time we consider a scenario in wh…

We refer to a “game” every time we consider a scenario in which the action of one agent (either individual, firm, or government) affects other agents’ well-being. Elements of the game: (1) Player: The set of individuals, firms, governments or countries, that interact with one another. We consider games with 2 or more players. (2) Strategy: A complete plan describing which actions a player chooses in each possible situation (contingency). (3) Payoff: What every player obtains under each possible strategy path. Consider 2 people (i.e., Bob and Nathan) who are arrested by the police and are placed in different cells. They cannot communicate with each other. The police separately offer to each of them the deal represented in the following matrix (where positive values indicate the amount of fine that causes disutility): The “Nash Equilibrium (NE)”, named after Nash (1950) builds on the notion that every player finds her “best response” to each of her rivals’ strategies. A strategy profile is a NE if every player chooses the best response to her rivals’ strategies. The strategic profile of two Nash Equilibrium (NE) in the above game are: The first Nash Equilibrium (NE):  (Nathan does not confess and pays $2000 as a fine and Bob does not confess and pays $2000 as a fine) — case 1. The second Nash Equilibrium (NE): (Nathan confesses and pays $3000 and Bob confesses and pays $3000 as a fine) — case 4. Based on the above results, Two individuals (i.e., Nathan and Bobs) , charged with jointly committing a crime, would be best off in this setting if neither confess (i.e., the first Nash Equilibrium (NE); however, individually rational behavior leads to a jointly inefficient outcome (i.e., both confess which is the second Nash Equilibrium (NE)). The name of this well-known game in game theory is ______________________.