Imagine the following scenario: two countries, A and B, border the same ocean. The economy of each country relies heavily on its fishing industry—the more fish it takes in, the better off it is economically. Both countries draw from the same fishing stock. If the two countries draw too many fish from the ocean in one year, the fishing stock will deplete and eventually disappear, leaving both countries without any fish. In order to maintain their fishing stock, they must come to an agreement limiting the amount of fish each country catches to a certain amount per year. Which of the following games best represents this scenario, and what could the two sides do in order to make coming to an agreement more likely?
A) Battle of the Sexes. The country that can obtain more fish under the agreement can give concessions on some other issue that the other country cares about.
B) Prisoner’s Dilemma. The two sides could set up a “hot line” to make it easier to communicate about fishing issues.
C) Prisoner’s Dilemma. They could agree to renegotiate the terms of the agreement every year.
D) Stag Hunt. The two sides could set up a “hot line” to make it easier to communicate about fishing issues.
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