Briefly explain the payoffs you assigned to each situation.

Learning Goal: I’m working on a micro economics writing question and need an explanation and answer to help me learn.Prompt: For this writing assignment, you must analyze an original social dilemma as a 2×2 game. First, describe a social dilemma that you observe in the real world. Do not use examples discussed in class or in the text. Be sure to specify how it satisfies the definition in the book. Second, create two tables to present your dilemma as a 2×2 game. Your first table should be descriptive, similar to Figure 4.1 in the text. Your second table should be a payoff matrix showing the payoffs for each of the four hypothetical situations, similar to Figure 4.2a. Briefly explain the payoffs you assigned to each situation. Third, using your payoff matrix, describe the Nash equilibrium/a and the mutually-preferred outcome. Explain whether your game can be characterized as a Prisoners’ Dilemma or an Assurance Game. Finally, consider how people are sometimes able to resolve this social dilemma in the real world. Describe how this solution is successful in moving the players to a socially optimal outcome.Structural Guidelines: Your paper should be double-spaced with one-inch margins in 12 point Time New Roman font. It should be 500 – 750 words (excluding tables and references). The paper should be written in paragraph form (no bullet points, numbering, etc.). You are not required to use any outside sources for this assignment, but if you choose to, be sure to properly cite them following the MLA or APA format. Essays will be graded on spelling, grammar, and organization. You are encouraged to make an appointment at the CSU Writing Center, where a staff member can help you with your editing. You may use the attached grading rubric to critically self-evaluate your essay.Submission Instructions: You must upload an electronic copy of your paper on Canvas. When the assignment is submitted on Canvas it is also automatically submitted to TurnItIn, where your submission will be compared to online texts as well as a large database of student papers (including all submissions to this course). Put your ideas in your own words. You are welcome to build on other texts, but to avoid plagiarism you must properly cite all your sources and put all direct quotes in quotation marks. Late submissions will be penalized 10 points each day they are late.Table Formatting: There are many acceptable ways to clearly present your 2×2 tables. You may neatly draw one by hand and insert it into your doc. You may also choose to use this template:
Requirements: 700 words

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