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Russia and Qatar made the first serious moves in October 2008 toward forming an OPEC-style cartel for natural gas. The two strategies these countries face are to comply with the cartel agreement or to cheat on the cartel agreement. If both countries comply, the economic profit for each will be $140 million. If one country cheats, that country earns $200 million in economic profit and the other country will have an economic loss of $10 million. If all countries cheat, the cartel breaks down and the economic profit for each country will be $80 million. Address the questions below, considering that countries make their decisions simultaneously and this as a one-shot game (played only once).
a. Draw the payoff matrix. What is the Nash equilibrium in this game?
b. Are there incentives to cheat on the cartel agreement by each country? Why or why not?
c. Is the cartel agreement sustainable? If not, make the cartel sustainable by suggesting specific amount of punishment (in dollars) to be applied in case of deviation from the cartel agreement (assumption: cheating is detected and punished). Draw the new payoff matrix and find the Nash equilibrium in this game. Are there Pareto optimal strategies in this game?
Test at the 5% significance level whether the mean evacuation time is smaller at closing time than during fire drills.
People of the Philippines, I have returned! The hour of your redemption is here! Rally to me! Let the indomitable spirit of Bataan and Corregidor lead on!
Sixty percent of the families in a certain community own their own car, thirty percent own their own homes, and twenty percent own both their own home and own car. If a family in the community is randomly chosen, what is the probability that they ..
data were collected on gpa and number of faceook friends for students in a small statistics class. some summary
What is the probability that the first ball was blue, given that the second was red?
The data given below are from a random sample of height (in inches) and weight (in pounds) of seven basketball players.
Calculate the percentage alive in each of the treatment groups, and write a sentence comparing the percentages in the context of this study.
Let C be the event that a randomly chosen adult has some college education. Let M be the event that a randomly chosen adult is married.
For the data set shown? below, how do I Use technology to find the estimates of ß0 and ß1, and then compute the standard error, the point estimate for s.
Determine whether the following definitions are stipulative, lexical, precising, theoretical, or persuasive.- "Intoxicated," for purposes of driving a car in many states, means having a blood-alcohol content of 0.08 percent (.0008) or greater.
A club consists of 10 seniors, 12 juniors, and 15 sophomores. An organizing committee of size 5 is chosen randomly (with all subsets of size 5 equally likely).
The most recent census shows that men make up 49% of the Canadian population, with women making up the remainder.
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