ECON1020 - Principles of Economics - Nash equilibrium - Economics Assignment Help

Assignment Task

Question 1
What is the Nash equilibrium of the game shown in Figure 1? Show the steps you took to reach this conclusion. Is this Nash equilibrium a prisoners’ dilemma? Why or why not?
 

Question 2
Suppose there is a change in social preferences in both developing and developed nations. What are the Nash equilibria of this game? Show the steps you took to reach this conclusion.

Question 3
The ideal outcome for the climate strategy game is one in which a dominant strategy equilibrium is achieved when both groups of countries choose to abate emissions. Explain how a change in the rules of the game could lead to a potential solution to the social dilemma of climate change.

Question 4
Binding treaties to abate emissions between groups of nations are often difficult to achieve. Explain why this is the case. You must cite at least one reputable source from your own research. Include the full reference at the end of your answer, which will not count towards the word limit. Use a standard referencing system (e.g. Harvard style).

Question 5
Discuss three reasons why the Paris Agreement treats developing nations differently from developed nations. You must cite at least one reputable source from your own research. Include the full reference at the end of your answer, which will not count towards the word limit. Use a standard referencing system (e.g. Harvard style).

Question 6
Evaluate the decision to distinguish between developed and developing nations in the Paris Agreement from the perspective of substantive and procedural judgements of fairness. Be sure to define both judgements of fairness in your answer. 

Question 7
The Paris Agreement is based on voluntary carbon emissions reduction pledges made by participating nations. Using either a consequentialist or a deontological framework, discuss if it would be ethically acceptable to legally impose these emission reduction pledges and enforce these goals with penalties? Explain your reasoning. Be sure to define your chosen ethical framework in your answer.

Question 8
Calculate the production costs required for the two types of technology to produce one unit of electricity. Show your workings. Which technology would the power plant choose?

Question 9
Using an isocost diagram, model a change in relative prices that would incentivise a shift in technologies from the choice you indicated in your answer to Question 8. On your diagram, be sure to state the new prices and include all isocost lines (before and after the change in prices). Label the intercepts and slopes of the isocost lines and show the resultant choice of technologies, along with their associated quantities before and after the change in prices. Calculate the innovation rent that arises due to this switch in technologies, show your working.

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