For several years, a professor at Johns Hopkins University had been using the following grading scheme for his final exam: He would give an A to the student with the highest score. The grades of the remaining students were then based on what percentage their scores were of the top student's score. In the fall of 2012, the students in the class came up with the idea of boycotting the final exam. They stood in the hallway outside the classroom but did not enter the room to take the exam. After waiting for a time, the professor cancelled the exam and, applying his grading scale, gave everyone in the class an A on the exam. An article in the New York Times about this incident observes: "This is an amazing game theory outcome, and not one that economists would likely predict." Source: Catherine Rampell, "Gaming the System," New York Times , February 14, 2013. Game theory indicates the students' strategy was unlikely to work because

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Business

Hunter Shelton

23 September, 16:39

For several years, a professor at Johns Hopkins University had been using the following grading scheme for his final exam: He would give an A to the student with the highest score. The grades of the remaining students were then based on what percentage their scores were of the top student's score. In the fall of 2012, the students in the class came up with the idea of boycotting the final exam. They stood in the hallway outside the classroom but did not enter the room to take the exam. After waiting for a time, the professor cancelled the exam and, applying his grading scale, gave everyone in the class an A on the exam. An article in the New York Times about this incident observes: "This is an amazing game theory outcome, and not one that economists would likely predict." Source: Catherine Rampell, "Gaming the System," New York Times , February 14, 2013. Game theory indicates the students' strategy was unlikely to work because

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Avery Montgomery · Answer 1

it is extremely difficult to manage to get a group of individuals towards agreeing to participate and not defect from the strategy.

Explanation:

Game theory is a theory that focuses on understanding exactly why an individual makes certain decisions as well as how they affect others. Based on this theory the student's strategy was unlikely to work because it is extremely difficult to manage to get a group of individuals towards agreeing to participate and not defect from the strategy. Since not everyone would believe that it will work and others may just get tired.