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Consider the following Bach or Stravinsky coordination game with utilities (URow, UCol):
Table 2: The Bach or Stravinsky Game
Col
L R
Row U 9,3 0,0
D 0,0 4,6
(a) Identify all of the pure-strategy Nash equilibria for this problem. Explain whether or not the Nash equilibria are efficient.
(b) Explain how the government’s role, if one exists, is both to create efficiency and to redistribute wealth.
(c) Suppose that the (D, R) payoffs were 3, 9 instead of 4, 6. What role can government play in this case?
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The non-economist's view of the minimum wage seems to be that it forces greedy employers pay poor workers more money, making all workers better off. What is the "unconventional" view and how does it alter that calculus of gains and losses?
Inflation across the board has increased at a rate of 4.3% over the last twelve months. For example, prices for food, gasoline, clothing and entertainment have all increased. Unemployment remains low and stable. What should the Fed do? Describe the e..
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