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Paul and John are working on a project for which they will receive the same grade. The utility to each of them would be their grade minus their own effort. If Paul puts in x units of effort and John puts in y units of effort their grade will be equal to the higher of the two effort levels, x and y. So for a given choice of x and y Paul's utility is given by 2 max{x, y} - x while John gets a utility of 2 max{x, y} - y. The possible choices for effort level are 1 and 2. Write down the payoff matrix for this game. a) Which outcomes are Pareto efficient? b) Find the best response functions. c) State all Nash Equilibria of the game.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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