Differences Between Lazy Type and Ambitious Type Employees
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Differences Between Lazy Type and Ambitious Type Employees
A firm is looking to hire an employee. Candidates for this job can be of two types: they can be the lazy type or the
ambitious type. Candidates may choose to get a college degree or decide not to get a college degree. It is mentally costly for
the candidate to obtain a college degree (there is clearly a monetary cost of going to college, but we are ignoring that part
in this question.) A candidate’s type is private information. But the firm knows whether the candidate has a college degree
or not. The cost of attending college depends on the candidate’s type. Lazy types find doing homework’s, attending
lectures, taking exams more costly than ambitious types so getting a college degree is costlier to them. Specifically,
candidates’ costs of getting a college degree are
The candidate’s payoff is the benefit of the job minus the cost of going to college. The candidate receives a benefit of 130
regardless of his type if the firm offers him the job or 70 if it does not. For example, if a lazy candidate decides to not have
a degree and he is offered a job he receive a payoff of 130 – 50 = 80 and if an ambitious person has a college degree and he
does not get the job he receives a payoff of 70 – 80 = -10. Before the firm meets a candidate, it believes the probability he is
lazy is .75 and the probability he is ambitious is .25. The firm will receive a payoff of 100 if it hires an ambitious person, 25 if
it hires a lazy person, and 60 if it hires no one. 120 30 80
Does this game have a pooling equilibrium? Why or why not? Defend your answer care- fully and show every step of your
calculations.
Does this game have a separating equilibrium? Why or why not? Defend your answer carefully and show every step of
your calculations.
RUBRIC
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