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Payoffs in a matrix and explain the strategy choices

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Two governments, in country X and country Y, has two strategy choices: to liberalize or to protect from foreign competition. If Country X plays "liberalize", its payoff is 5 if Country Y liberalizes and 2 if Country Y opts for protectionism. If Country X plays "protect", its payoff is 6 if Country Y liberalizes and 3 if Country Y opts for protectionism. The payoffs of country Y are 5 and 2 if it plays "liberalize" and country X chooses "liberalize" and "protect", respectively. The payoffs of country Y are 6 and 3 if it plays "protect" and country X chooses "liberalize" and "protect", respectively.

What are the most preferred outcomes for both countries? List the payoffs in a matrix and explain the strategy choices.

Reference no: EM131449282

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