Consider the following stage game.

Consider the following stage game.

a. Compute a player’s minmax value if the rival is restricted to pure strategies. Is this minmax value different than if the rival is allowed to use mixed strategies?

b. Suppose the stage game is played twice. Characterize the subgame-perfect equilibrium providing the highest total payoffs.

c. Draw a graph of the set of feasible per-period payoffs in the limit in a finitely repeated game according to the folk theorem.