BUSP003 - Illustrate This With Non-Cooperative Game Theory - Economics Assignment Help

Assignment Task

Part A

Choose an example of a social dilemma, and illustrate this with non-cooperative game theory.

You may choose any social dilemma, but do not use examples discussed in the ESPP text or the lectures/seminars. I will award extra points for being original. Explain the social dilemma, and convince the reader (me) that it satisfies the criteria of a social dilemma.

You should describe your social dilemma in two game matrices, similar to Figures 2.3a and 2.3b of ESPP (beta). Your first payoff matrix therefore should be descriptive, and the second should be a payoff matrix showing the payoffs for each of the four hypothetical situations. (NOTE: you are encouraged to create payoffs that are relevant to your chosen social dilemma – do not simply use the example in the ESPP text. Again, I will award extra points for being original).

Explain the payoffs assigned to each strategy and outcome, and explain how they are relevant in explaining the social dilemma. Explain the ‘rules’ of your game (identify the players, discuss if there is full information, discuss whether this a repeated or one-shot game, etc.) Discuss the concepts of dominant strategies, Nash equilibrium and self-interested behaviour. Using your payoff matrix, describe the Nash equilibrium (or equilibria) in your chosen social dilemma, and explain what outcomes are predicted, and compare these with the outcomes that society would desire.

Finally, discuss whether your application of game theory to your chosen social dilemma is supported by real world evidence. Consider how the social dilemma could be overcome in the real world, and relate this back to your payoff matrix. Clearly explain how your proposed solutions would be successful in motivating the ‘players’ to a more socially-optimal outcome. Consider what your non-cooperative game would predict if social preferences, repeated games, altruism or government intervention were introduced, and explain why

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