Question

In: Economics

Answer the following questions with an essay of not more than 300 words each: 1. The...

Answer the following questions with an essay of not more than 300 words each:

1.

The table below presents the famous stag hunt game:

Player 2

Stag

Hare

Player 1

Stag

10, 10

0, 1

Hare

1, 0

1, 1

a.

Which is (are) the Nash equilibrium(s)? Justify your answer.

b.

Write a short paragraph on a real life example of the pattern of strategic interactions described by the stag hunt game.

2.

a.

Give a real life example of a negative externality. Explain the Pigouvian solution to a negative externality.

b.

Explain the Coase theorem.

Expert Solution

Rahul Sunny answered 1 year ago

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