4 Australia and New Zealand entered into the Closer Economic Relations (CER) Trade Agreement on January 1,

Question:

4 Australia and New Zealand entered into the “Closer Economic Relations

(CER) Trade Agreement” on January 1, 1983. Given your understanding of PTAs and Game Theory, try to describe the Agreement between Australia and New Zealand as a Game. Who are the players? What are the strategies and payoffs to each player? Would you describe this as a noncooperative or a cooperative game? How does entering into the CER change the rules of the game?

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