problems with prisoner's dilemma
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problems with prisoner's dilemma
http://www.businessweek.com/magazine/content/02_11/c3774027.htm
This article brings up the scenario that we noticed in class with the game where points were given for the lowest number picked. Even though it would have benefited everyone in the class to pick a certain number and this statement was even told to us numerous times, the majority of the class still picked 1. The reason for this is because people don't play the best strategy available due to lack of trust. Even if one person picks 1, no one else will benefit. This article talked about game theorists should recognize this and without insight from behavioral economics, the fundamentals of game theory would be very unstable.
This article brings up the scenario that we noticed in class with the game where points were given for the lowest number picked. Even though it would have benefited everyone in the class to pick a certain number and this statement was even told to us numerous times, the majority of the class still picked 1. The reason for this is because people don't play the best strategy available due to lack of trust. Even if one person picks 1, no one else will benefit. This article talked about game theorists should recognize this and without insight from behavioral economics, the fundamentals of game theory would be very unstable.
jrw615- Posts : 29
Join date : 2009-04-01
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