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APA
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Mathematics & Economics
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English (U.S.)
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Game Theory to International Trade and Tariffs Economics Paper

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Incorporate the concepts of game theory to international trade and tariffs. Set up two payoff matrices. Set up the first payoff matrix such that the outcome will be harmful to both countries. Set up the second payoff matrix such that the outcome will be beneficial to the United States. From your perspective as a consumer, evaluate the two matrices using current actions by each country to see which most likely benefits domestic consumers.
Your journal entry must be at least 200 words in length. No references or citations are necessary.

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Game Theory to International Trade and Tariffs
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Game Theory to International Trade and Tariffs
In this paper, the game theory is applied to the current US-China trade war, where both countries are engaged in raising the tariffs. While referring to the game theory, there are two options available for each country: increase the tariffs or not to increase the tariffs on international trade. Two payoff matrices are shown as below:
Harmful Outcomes for Both the Countries
The United States (Column)

Trade War

Increasing the Tariffs

Not to Increase the Tariffs

China (Row)

Increasing the Tariffs

1,1

4,4


Not to Increase the Tariffs

1,1

4,4

The payoff matrix ab...
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