worthwhile,because she is able to resell the antiques for a profit.On occasion, er, avels to arby town to bid in an auctio hati public open to the She often finds that on the rare occasions in which she does bid successfully,she is disappointed-the antique cannot be sold at a profit. Can you explain the difference in her success between the two sets of circumstances? When she bids at the home-town auction that is limited to other dealers,she is bidding against people who are all going to resell the antique if they win the bid.In this case,all of the bidd are limiting their will tend d to eamn them a profit rational dealer will not place a bid ey can expect to resell the antique for.Given that all dealers are rational,the winning bid will tend to be below the expected resale price. When she bids in the auction that is open to the public she is bidding against the people who are likely to come into her shop.You can assume that local antique lovers will frequent these auctions as well as the local antique shops.In the case where she wins the bid at one of the se oper s the other participants have decided that the price is too high.In this case,they will not come into her shop and pay any higher price which would eamn her a profit.She will only tend to profit in this case if she is able to resell to a customer from out of the area,or who was not at the auction,and who has a sufficiently high reservation price.In any event,the winning bid price will terd to be higher because she was bidding against customers rather than dealers 三、Calculation:(每题20分，共40分) 1.Two computer firms,A and B,are planning to market network systems for office information management.Each firm can develop either a fast,high-quality system (H),or a slower,low-quality system(L).Market research indicates that the resulting profits to each firm for the alternative strategies are given by the following payoff matrix: FirmB H H 50,40 60,45 FirmA 55,55 15,20 a.If both firms make their decisions at the same time and follow maximin (low-risk)strategies,what will the outcome be? With a maximin strategy.a firm determines the worst outcome for each option,then chooses the option that maximizes the payoff among the worst outcomes.If Fim A worthwhile, because she is able to resell the antiques for a profit. On occasion, however, she travels to a nearby town to bid in an auction that is open to the public. She often finds that on the rare occasions in which she does bid successfully, she is disappointed - the antique cannot be sold at a profit. Can you explain the difference in her success between the two sets of circumstances? When she bids at the home-town auction that is limited to other dealers, she is bidding against people who are all going to resell the antique if they win the bid. In this case, all of the bidders are limiting their bids to prices that will tend to earn them a profit. A rational dealer will not place a bid which is higher than the price they can expect to resell the antique for. Given that all dealers are rational, the winning bid will tend to be below the expected resale price. When she bids in the auction that is open to the public she is bidding against the people who are likely to come into her shop. You can assume that local antique lovers will frequent these auctions as well as the local antique shops. In the case where she wins the bid at one of these open auctions, the other participants have decided that the price is too high. In this case, they will not come into her shop and pay any higher price which would earn her a profit. She will only tend to profit in this case if she is able to resell to a customer from out of the area, or who was not at the auction, and who has a sufficiently high reservation price. In any event, the winning bid price will tend to be higher because she was bidding against customers rather than dealers. 三、Calculation：（每题 20 分，共 40 分） 1. Two computer firms, A and B, are planning to market network systems for office information management. Each firm can develop either a fast, high-quality system (H), or a slower, low-quality system (L). Market research indicates that the resulting profits to each firm for the alternative strategies are given by the following payoff matrix: Firm B H L H 50, 40 60, 45 Firm A L 55, 55 15, 20 a. If both firms make their decisions at the same time and follow maximin (low-risk) strategies, what will the outcome be? With a maximin strategy, a firm determines the worst outcome for each option, then chooses the option that maximizes the payoff among the worst outcomes. If Firm A