PLease be very specific...

1. Explain the "Tragedy of Commons" in fishing industry. What is the
"Commons" in general and in the fishing industry? Why is it a
"tragedy" in general and in fish industry?Does the market fail? why or
why not? What Could Government do to avoid market failure in case of
tragedy of Commons? Refer to "Game Theory" as well.

2.What is the key implication of game theory analysis? Compare to Adam
Smith's "Invisible Hand" Ideas, to John Nash Solutions, to Cartel and
to Tragedy of Commons.