Instructions:
Utilizing the file attached above, which contains the matrix below, devise a strategic game for a real-life situation between two players that leads to a prisoner’s dilemma because of positional externalities. Make sure that you label who the players are, devise and label the two strategies, and type-in the accompanying payoffs in the matrix that have been appropriately underlined to outline each player’s best responses. You need to then write an essay describing the real life situation and the details of your game and why the devised payoffs are appropriate. In addition, you need to detail each player’s best responses in the game, given what the opposing player is doing, and you need to describe how the strategies lead to a prisoner’s dilemma because of inherent positional externalities embedded within the game. The essay needs to be a minimum of three quarters (3/4) of a page (excluding the matrix). The example that you create doesn’t have to necessarily pertain to purely business or economic matters. You can create and come up with any situation that you choose. *******However, please note that you can not use an example where prisoner’s or other individuals are deciding to either confess or keep quiet in the game. I want you to devise an original game. ********
In order to come up with some ideas and get a sense of what a positional externality is and how it differs from negative and positive externalities, please read the following papers by the economist Robert Frank:
Frank-Positional-Externalities.pdf
Are Positional Externalities Different From Other Externalities.pdf
Submission Instructions:
Utilize the file attached above, which contains the appropriate matrix, to write and submit your paper. Please double space your text and utilize a size 12 font. Your matrix and accompanying essay need to be submitted as a Word document into Canvas. Points will be awarded based on an appropriate technical description of the game, logical consistency in a game theoretical sense, and whether or not the described game and situation logically leads to a prisoner’s dilemma because of inherent positional externalities.
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