Task – Critically assess the following statement: A Nash equilibrium is not necessarily the optimal solution that is jointly best for all players. Rational players will jointly choose an outcome which is not Pareto optima

Task – Critically assess the following statement:

A Nash equilibrium is not necessarily the optimal solution that is jointly best for all
players. Rational players will jointly choose an outcome which is not Pareto optimal, and
therefore, refute Adam Smith’s insight that the rational pursuit of individual self-interest
leads to socially desirable outcomes.

1.0 Sections of the report

There are several different ways in which reports are presented. The following is the structure recommended for the
submission for this assessment. The following identifies appropriate content for each section.

1.1 Title Page

The first page of your report must include the following information:

• Your student number
• Date of submission of assignment
• Title of the assignment
• Title of the Module

1.2 Contents Page

It is important that the main sections of your report are listed here, with their appropriate section number and page
numbers. It may be appropriate to list the details of sub-sections too. You should also include a contents page for
your appendices.

1.3 Introduction

A key purpose of this section is to provide the reader with an overview of the context of your report. It is important
to discuss the assessment aims and objectives in this section.

1.4 Main Body

The main body of the report should include separate sections with appropriate headings/sub-headings – one for
each of the areas identified for the report. You should include appropriate theory (e.g., text, figure, table, chart)
using the Harvard Referencing system and, if appropriate, also reference any relevant evidence that you have
included in your appendices.

1.5 Conclusions and Recommendations

When writing this section, it is likely to feel that you are repeating yourself, because this is broadly what you are
doing. The purpose of the conclusions of a report is that it should revisit the aims/objectives outlined in the
introduction and provide a summary of all the key points that have been made. You should not introduce any new
material into this section. Recommendations should be specific and follow on from the conclusions drawn.

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1.6 Bibliography

This should be presented alphabetically by author’s surname and should adhere to the Harvard Referencing System.
Please see https://www.citethemrightonline.com/ (You should be able to use the institutional login using your
university credentials):

1.7 Appendices

This section should be used to include information that it is not appropriate to include within the text of the report,
but which you consider appropriate for the reader to have access to. Do not include anything in the appendices that
you do not refer to in the main body of your report.

2.0 Assessment Criteria

You will lose marks if:

• You produce work which is outside of the stated word count by ±10%
• Your work is badly written, and/or contains spelling and grammatical errors.
• You have not used the appropriate referencing style.
• You do not use extensive referencing. You are likely to fail if you do not include appropriate academic
  references.
• Your Turnitin score identifies inappropriate copying of material or inadequate paraphrasing.
• You submit your work late without agreed mitigating circumstances.

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Structure and layout – Guidance Only

• Introduction
• Game theory – assumption – Nash equilibrium
  • (explanation – figures, examples)
• Pareto inefficiency – efficiency – optimal
  • (explanation – figures, examples)
• Adams Smith – self-interest – debate
  • (explanation – figures, examples)
• Conclusion
• References