The n-Player Tragedy of the Commons: Suppose there are n players in the tragedy of the commons… 1 answer below »

The n-Player Tragedy of the Commons: Suppose there are n players in the tragedy of the commons example in Section 5.2.2.

a. Find the Nash equilibrium of this game. How does n affect the Nash outcome?

b. Find the socially optimal outcome with n players. How does n affect this outcome?

c. How does the Nash equilibrium outcome compare to the socially efficient outcome as n approaches infinity?