Consider a game in which all outcomes give the players the same total payoff. Explain why every outcome in such a game will be Pareto optimal.
What will be an ideal response?
Consider an outcome in the game described, and suppose a change is made that increases one player's payoff. Then the other player's payoff must fall, because the total payoff to the players is constant. Since we can never make one player better off without simultaneously making the other player worse off, all outcomes must be Pareto optimal.
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In what way(s) do the development paths chosen by Pakistan and Bangladesh differ? What are the main factors that have contributed to these differing paths?
What will be an ideal response?
Which of the following can be categorized as a commodity money standard?
a. The pegged exchange rate standard b. The free float standard c. The managed float standard d. The reserve currency standard e. The gold standard