Can a Nash Equilibrium Fail to Be Pareto Optimal? Can

question 20

Essay

Can a Nash equilibrium fail to be Pareto optimal? Can a Pareto optimal outcome fail to be a Nash equilibrium? Justify your answers using the Prisoners' Dilemma game.

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Definitions:

Juggernaut

A large and powerful force or institution that cannot be stopped.

Cosmopolitanism

An ideology that all human beings belong to a single community, based on a shared morality.

Globalism

The process of the world becoming increasingly interconnected and interdependent through economic, technological, political, and cultural exchange.

Globality

Describes a social condition characterized by the awareness and interconnectivity of global scale processes and phenomena, surpassing the concept of globalization.