So, I’ve talked before about the prisoners’ dilemma:
The interesting feature of this game setup is that the players have an incentive to rat each other out even though this results in a worse outcome for both parties than if they kept quiet. However, this incentive changes when the players are asked to make this [...]
Tags: Game Theory
As a math geek, I have a particular fascination with game theory. Lest the word “theory” through you for a loop, keep in mind that game theory has a number of practical applications. In general, it’s useful in life to be able to think about how others are going to respond to the [...]
Tags: Game Theory · Videos
I wish I had a cartoon for the following, so drop me a line if you know of any. Anyway, from the “Economics is Everywhere” desk:
So it’s Sunday morning (well, afternoon I suppose. It’s Sunday, ok?) and I am catching up on my Twitter feed while watching the Red Sox game. I [...]
Tags: Econ 101 · Game Theory · Sports