Two Neighboring Farmers Must Each Decide Whether to Contribute to a Fence

question 121

Essay

Two neighboring farmers must each decide whether to contribute to a fence that separates their properties.The fence costs a total of $20.Both farmers currently have a profit of $30 each.With a fence to keep each farmer's animals from wandering onto the other's property,both farmers would experience a $15 rise in profits.Draw the payoff matrix and discuss the possible outcomes.

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Definitions:

Chordates

A large phylum of animals that includes all vertebrates and some invertebrates, characterized by having a notochord at some stage in their development.

Spinal Cord

A long, thin, tubular structure made up of nervous tissue, which extends from the brainstem down the back, and is encased in the vertebral column, transmitting nerve signals between the brain and the rest of the body.

Brain

The organ located in the head of an animal that coordinates its behavior, processes sensory information, and is the center of perception, memory, thought, and emotion.

Hominids

Members of the taxonomic family Hominidae, which includes modern humans, their ancestors, and other great apes.