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Deliverable 7 – presentation on game theory applications

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The first item you want to highlight is your customer satisfaction record. Over the past 18 months of employment you have worked with 25 clients, and according to the customer satisfaction surveys all clients are asked to take after their contract is completed, 22 of them rated you with the highest level of satisfaction. Use this information to find the best predicted probability of having a new client give the highest level of satisfaction.

However, having a single satisfied customer is not enough. It is very important to G & B Consulting that they maintain high ethical standards and continue to receive the highest rating from the Better Business Bureau consistently. In order to maintain this rating, the company must maintain at least 85% or higher of customers giving you high customer satisfaction ratings. Internal projections predict that G&B Consulting will serve 60 clients over the next year. If you become the project manager and use your prior record as an indicator, find the probability that 85% or more of new clients will give the highest level of customer satisfaction rating. Show all calculations and formulas used. If you use Excel for your calculations include that along with your submission. Use this information to make a convincing argument that you are a good choice for the position. 

Slide 1

· Calculate the probability of getting a satisfied client based off of your prior work history at G& B Consulting. Show all work.

· Explain how you found your solution.

Slide 2

· Using your prior work history, calculate the probability of getting at least 85% of clients giving you high customer satisfaction ratings.

· Explain how you found your solution.

Slide 3

· Interpret your results from slide 2 and use them to make an argument on why you would be good for the position.

Part 2

The other item you wish to highlight comes from some work done for a local manufacturer. They believed that a competitor was illegally using one of their patents in their own manufacturing process and were considering litigation. This competitor’s product were directly cutting into the manufacturer’s profit, so they wanted to prevent the competitor’s product from being made and recoup those lost profits. Of course, the litigation process is long and costly, and the outcome is not guaranteed and would likely result in a countersuit brought by the competitor. Before continuing with costly legal counsel, the manufacturer hired G&B Consulting to help them determine their best strategy.

This was potentially a very lucrative contract, and a high profile one too since the manufacturer is one of the biggest employers in the area. Therefore, several analysts at G&B Consulting, including you, were asked to tackle the problem independently to help ensure the best possible results. Before compiling a final report to give to the manufacturer, the results were presented to the project lead:

The first solution brought up was given by one of your coworkers. Using the manufacturer’s projections of profits solely, he was able to create the following payoff matrix where each entry is in millions of dollars annually:

  

Competitor

 

Manufacturer

Sue

Don’t Sue

 

Sue

(5,   -5)

(20,   -20)

 

Don’t Sue

(-15,   15)

(-10,   10)

This coworker concluded that the manufacturer should always do the opposite of the competitor chooses making this a strictly competitive game.

Slide 4

· Using the payoff matrix shown above, determine if the manufacturer has a dominant strategy. Show and explain all steps.

· Using the payoff matrix shown above, determine if the competitor has a dominant strategy. Show and explain all steps.

Slide 5

· Find all Nash equilibrium points. Show and explain all steps.

· Identify the optimum strategy of the game.

Slide 6

· Do your results match those of your coworkers? Explain why you agree or disagree

Part 3

The second solution was brought by a different coworker. She also created a payoff matrix for the scenario but did some independent research to estimate the competitor’s profits in each outcome independent of the manufacturer’s profits and came up with the following payoff matrix, again, the values represent millions of dollars in annual profits.

  

Competitor

 

Manufacturer

Sue

Don’t Sue

 

Sue

(5,   -5)

(20,   10)

 

Don’t Sue

(10,   20)

(15,   15)

This coworker concludes that under these circumstances, the manufacturer should sue 50% of the time and not sue the other 50% of the time, and they should expect their competitor to do the same.

Slide 7

· Use the mixed strategy algorithm to find the optimum strategy for the manufacturer. Show all of your steps.

Slide 8

· Use the mixed strategy algorithm to find the optimum strategy for the competitor. Show all of your steps.

Slide 9

· Do your results match those of your coworker’s? Explain why you agree or disagree.

Part 4

You present your own solution that is based on a non-simultaneous game where the manufacturer first has to decide whether or not they wish to pursue litigation. If they do so choose, then their competitor will also have to decide if the wish to file a counter-suit. You utilized the same payoff matrix that the second coworker provided that contains information about both companies’ projected profits

Slide 10

· Create the game tree for this scenario, exclude any non-credible threats.

· Explain how you identified the non-credible threat.

Slide 10

· Perform the first step of backwards induction. Shown and explain your work.

Slide 11

· Perform the second step of backwards induction. Show and explain all your work.

Slide 12

· Identify the optimum strategy for the game.

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July 1, 2023
    

 

71. The carrying value of a long-term note payable: 

A. Is computed as the future value of all remaining future payments, using the market rate of interest.

B. Is the face value of the long-term note less the total of all future interest payments.

C. Is computed as the present value of all remaining future payments, discounted using the market rate of interest at the time of issuance.

D. Is computed as the present value of all remaining interest payments, discounted using the note's rate of interest.

E. Decreases each time period the discount on the note is amortized.

72. The carrying value of bonds at maturity is always equal to: 

A. the amount of cash originally received in exchange for the bonds.

B. the par value that the issuer pays the holder.

C. the amount of discount or premium.

D. the amount of cash originally received in exchange for the bonds plus any unamortized discount or less any premium.

E. $0.

73. A company must repay the bank a single payment of $10,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is 0.7938. The present value of the loan is: 

A. $10,000.

B. $12,400.

C. $7,938.

D. $9,200.

E. $7,600.

74. A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity at 8% for 5 years is 3.9927. Each annuity payment equals $75,137.13. The present value of the note is: 

A. $75,137.13.

B. $94,013.13.

C. $300,000.00.

D. $375,137.13.

E. $197,810.00.

75. A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%. The present value of an annuity for 6 years at 7% is 4.7665. The annual annuity payments equal: 

A. $10,489.88.

B. $11,004.88.

C. $50,000.00.

D. $52,450.00.

E. $238,325.00.

76. A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value of an annuity for 7 years at 9% is 5.0330. The present value of the loan is: 

A. $9,000.

B. $5,033.

C. $63,000.

D. $57,330.

E. $45,297.

77. A pension plan 

A. Is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire.

B. Can be underfunded if the accumulated benefit obligation is more than the plan assets.

C. Can include a plan administrator who receives payments from the employer, invests them in pension assets, and makes benefit payments to pension recipients.

D. Can be a defined benefit plan in which future benefits are set, but the employer's contributions vary depending on assumptions about future pension assets and liabilities.

E. All of these.

78. All of the following statements regarding leases are True except: 

A. For a capital lease the lessee records the leased item as its own asset.

B. For a capital lease the lessee depreciates the asset acquired under the lease, but for an operating lease the lessee does not.

C. Capital leases create a long-term liability on the balance sheet, but operating leases do not.

D. Capital leases do not transfer ownership of the asset under the lease, but operating leases often do.

E. For an operating lease the lessee reports the lease payments as rental expense.

79. An advantage of bond financing is: 

A. Bonds do not affect owners' control.

B. Interest on bonds is tax deductible.

C. Bonds can increase return on equity.

D. It allows firms to trade on the equity.

E. All of these.

80. A disadvantage of bonds is: 

A. Bonds require payment of periodic interest.

B. Bonds require payment of par value at maturity.

C. Bonds can decrease return on equity.

D. Bond payments can be burdensome when income and cash flow are low.

E. All of these.

 

default image
July 1, 2023
    

 

71. The carrying value of a long-term note payable: 

A. Is computed as the future value of all remaining future payments, using the market rate of interest.

B. Is the face value of the long-term note less the total of all future interest payments.

C. Is computed as the present value of all remaining future payments, discounted using the market rate of interest at the time of issuance.

D. Is computed as the present value of all remaining interest payments, discounted using the note's rate of interest.

E. Decreases each time period the discount on the note is amortized.

72. The carrying value of bonds at maturity is always equal to: 

A. the amount of cash originally received in exchange for the bonds.

B. the par value that the issuer pays the holder.

C. the amount of discount or premium.

D. the amount of cash originally received in exchange for the bonds plus any unamortized discount or less any premium.

E. $0.

73. A company must repay the bank a single payment of $10,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is 0.7938. The present value of the loan is: 

A. $10,000.

B. $12,400.

C. $7,938.

D. $9,200.

E. $7,600.

74. A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity at 8% for 5 years is 3.9927. Each annuity payment equals $75,137.13. The present value of the note is: 

A. $75,137.13.

B. $94,013.13.

C. $300,000.00.

D. $375,137.13.

E. $197,810.00.

75. A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%. The present value of an annuity for 6 years at 7% is 4.7665. The annual annuity payments equal: 

A. $10,489.88.

B. $11,004.88.

C. $50,000.00.

D. $52,450.00.

E. $238,325.00.

76. A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value of an annuity for 7 years at 9% is 5.0330. The present value of the loan is: 

A. $9,000.

B. $5,033.

C. $63,000.

D. $57,330.

E. $45,297.

77. A pension plan 

A. Is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire.

B. Can be underfunded if the accumulated benefit obligation is more than the plan assets.

C. Can include a plan administrator who receives payments from the employer, invests them in pension assets, and makes benefit payments to pension recipients.

D. Can be a defined benefit plan in which future benefits are set, but the employer's contributions vary depending on assumptions about future pension assets and liabilities.

E. All of these.

78. All of the following statements regarding leases are True except: 

A. For a capital lease the lessee records the leased item as its own asset.

B. For a capital lease the lessee depreciates the asset acquired under the lease, but for an operating lease the lessee does not.

C. Capital leases create a long-term liability on the balance sheet, but operating leases do not.

D. Capital leases do not transfer ownership of the asset under the lease, but operating leases often do.

E. For an operating lease the lessee reports the lease payments as rental expense.

79. An advantage of bond financing is: 

A. Bonds do not affect owners' control.

B. Interest on bonds is tax deductible.

C. Bonds can increase return on equity.

D. It allows firms to trade on the equity.

E. All of these.

80. A disadvantage of bonds is: 

A. Bonds require payment of periodic interest.

B. Bonds require payment of par value at maturity.

C. Bonds can decrease return on equity.

D. Bond payments can be burdensome when income and cash flow are low.

E. All of these.

 

default image
July 1, 2023
    

 

71. The carrying value of a long-term note payable: 

A. Is computed as the future value of all remaining future payments, using the market rate of interest.

B. Is the face value of the long-term note less the total of all future interest payments.

C. Is computed as the present value of all remaining future payments, discounted using the market rate of interest at the time of issuance.

D. Is computed as the present value of all remaining interest payments, discounted using the note's rate of interest.

E. Decreases each time period the discount on the note is amortized.

72. The carrying value of bonds at maturity is always equal to: 

A. the amount of cash originally received in exchange for the bonds.

B. the par value that the issuer pays the holder.

C. the amount of discount or premium.

D. the amount of cash originally received in exchange for the bonds plus any unamortized discount or less any premium.

E. $0.

73. A company must repay the bank a single payment of $10,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is 0.7938. The present value of the loan is: 

A. $10,000.

B. $12,400.

C. $7,938.

D. $9,200.

E. $7,600.

74. A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity at 8% for 5 years is 3.9927. Each annuity payment equals $75,137.13. The present value of the note is: 

A. $75,137.13.

B. $94,013.13.

C. $300,000.00.

D. $375,137.13.

E. $197,810.00.

75. A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%. The present value of an annuity for 6 years at 7% is 4.7665. The annual annuity payments equal: 

A. $10,489.88.

B. $11,004.88.

C. $50,000.00.

D. $52,450.00.

E. $238,325.00.

76. A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value of an annuity for 7 years at 9% is 5.0330. The present value of the loan is: 

A. $9,000.

B. $5,033.

C. $63,000.

D. $57,330.

E. $45,297.

77. A pension plan 

A. Is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire.

B. Can be underfunded if the accumulated benefit obligation is more than the plan assets.

C. Can include a plan administrator who receives payments from the employer, invests them in pension assets, and makes benefit payments to pension recipients.

D. Can be a defined benefit plan in which future benefits are set, but the employer's contributions vary depending on assumptions about future pension assets and liabilities.

E. All of these.

78. All of the following statements regarding leases are True except: 

A. For a capital lease the lessee records the leased item as its own asset.

B. For a capital lease the lessee depreciates the asset acquired under the lease, but for an operating lease the lessee does not.

C. Capital leases create a long-term liability on the balance sheet, but operating leases do not.

D. Capital leases do not transfer ownership of the asset under the lease, but operating leases often do.

E. For an operating lease the lessee reports the lease payments as rental expense.

79. An advantage of bond financing is: 

A. Bonds do not affect owners' control.

B. Interest on bonds is tax deductible.

C. Bonds can increase return on equity.

D. It allows firms to trade on the equity.

E. All of these.

80. A disadvantage of bonds is: 

A. Bonds require payment of periodic interest.

B. Bonds require payment of par value at maturity.

C. Bonds can decrease return on equity.

D. Bond payments can be burdensome when income and cash flow are low.

E. All of these.

 

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