=+7. We can think of U.S. and Japanese trade policies as a prisoners dilemma. The two countries
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=+7. We can think of U.S. and Japanese trade policies as a prisoners’ dilemma. The two countries are considering policies to open or close their import markets. The payoff matrix is shown below.
Japan Open Close U.S.
Open 10, 10 5, 5 Close 2100, 5 1, 1
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Related Book For 
Microeconomics
ISBN: 9781292081977
8th Global Edition
Authors: Robert S. Pindyck, Daniel L. Rubinfeld
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