Question: A Construct a payoff matrix using words for this climate change game. Now work out the associated numerical (hypothetical) payoffs for each quadrant in the
A Construct a payoff matrix using words for this climate change game. Now work out the associated numerical (hypothetical) payoffs for each quadrant in the game. (5 marks) (ii) Explain each quadrant of the matrix. (3 marks) (iii) Predict and explain the likely outcome(s) of this game. Use the relevant game theory concepts (learnt in this unit) and the information given in the articles while explaining the possible outcomes in your answer. (4 marks) (iv) Explain with reasons whether the predicted outcome will be an optimal or a sub optimal outcome for the world including the two participant nations. Are there any opportunities lost for the two players/nations? Briefly explain the likely implications of your predicted outcome on the players' specific targets with reference to the climate change. (6 marks Step by Step Solution
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