Example of a prisoners dilemma

Assignment Help Business Economics
Reference no: EM132795145

Consider the example of a Prisoners' Dilemma, as described in Figure

1. Often, in real world explanations the outcomes are not expressed in utility. Suppose these represented changes in wealth (e.g. so -0.50 means "lose 50 cents").

Player 2

X R

Player 1 X (-0.50, -0.50) (+1.50, -1)

R (-1, +1.50) ( +1, +1)

Fig.1 Prisoner's Dilemma

What could the payoffs look like if the players were other regarding, that is they valued the outcomes of their "opponent" as themselves?

Reference no: EM132795145

Questions Cloud

How much would Cadallia Company net income change : Cadallia Company is currently selling 1,000 tons of almond flour per year. How much would Cadallia Company net income change
Define the concept of market segmentation : Define the concept of market segmentation and explain its importance for new small businesses. Explain at least 3 benefits of segmenting and targeting markets.
Should a current account surplus be a policy objective : Should a Current Account surplus be a policy objective? Why or why not? Do these Current Account deficits really matter?
Describe professional practice use of the theories : Clearly identify and describe in detail a professional practice use of the theories/concepts presented in the article. Provide a clear and accurate analysis.
Example of a prisoners dilemma : 1. Often, in real world explanations the outcomes are not expressed in utility. Suppose these represented changes in wealth (e.g. so -0.50 means "lose 50 cents"
Compute the target costing for lee healthy juicer product : Compute the target costing for Lee healthy juicer product. Sara Lee want to build her own business, namely Lee healthy juicer (a juicer tools).
Give the journal entries needed for the events : Nguyen intends to hold the Lee Corporation bonds for sale, but not as part of its trading portfolio. Give the journal entries needed for the events
What is the planning price variance for ingredient d to be : What is the planning price variance for ingredient D to be reported for the month? A worldwide shortage of D meant that the standard was revised
Draw a supply-and-demand graph : Draw a supply-and-demand graph to explain this change. Be sure to label your graph and clearly indicate which curve shifts.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd