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Suppose that a cattle rancher (R) and a corn farmer (F) are located next to each. Currently, there is no fence between the ranch and the farm so R's cattle enter F's field and destroy some of . This results in a loss of 500 to F. Under the, the value of production for R is 1000, and the value of production for F is 1200 (including the loss of 500). A fence that will keep the cattle out of the cornfield would cost 200 for R to build (assume that only R can build the fence).
Suppose that R is not legally required to prevent his cattle from entering F's cornfield. Assume R and F can negotiate costlessly and the outcome of their negotiation is given by the standard bargaining solution with equal bargaining weights. Describe the payoffs of F and R, and any payments made.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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