Economic and Game Theory
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"Inside every small problem is a large problem struggling to get out." | |||||
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Each cow costs c, v(0) >c and cows are perfectly divisible. Farmers decide simultaneously how many cows to purchase; all purchased cows will graze on the common. (a) Find the Nash equilibrium and compare it against the social optimum (b) Discuss the relationship between this game and the Cournot oligopoly model [Manage messages] |