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Give two examples of a prisoner's dilemma that involves more than two players

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter24: Monopolistic Competition, Oligopoly, And Game Theory

Section: Chapter Questions

Problem 11QP

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Does each individual in a prisoner’s dilemma benefit more from cooperation or from pursuing selfinterest? Explain briefly
Explain what a prisoner’s dilemma is and relate your explanation to the situation that the members of an oligopoly may face.
Evaluate this statement: “The mutually preferred outcome in the prisoner’s dilemma is a Nash Equilibrium.”
What is the prisoner's dilemma, and what does it have to do with oligopoly?
While game theory predicts non-cooperative behavior for a one-shot Prisoner's dilemma. By repeating the game, say 20 rounds, it becomes possible to adopt more complex strategies that allow cooperative play as a Nash Equilibrium in at least some rounds of the game. True False
Two players play the prisoner's dilemma once and then repeat it once, how many subgames are there in this game? 5 4 2 6 or more 3 No Answer
What is a tit for tat strategy? Why might it be a rational strategy in and infinitely repeated prisoner’s dilemma?
Give two examples other than oligopoly that show how the prisoners' dilemma helps to explain behavior.
Which player (if any) has a dominate strategy? What is the Nash Equilibrium of this game? Does the game satisfy the definition of prisoner dilemma?
Explain how the Prisoners' Dilemma game can be used as a way to describe the market structure of Oligopoly.
Why is a cooperative outcome more likely in an often repeated prisoners’ dilemma?
In business, sports, politics, and many other fields there are probably countless situations akin to the prisoner's dilemma where players acting in their own self-interest do not produce an ideal outcome. Likewise, some player dynamics also illustrate other game theory concepts like a game of chicken, credible threats/commitments, and other similar concepts. Use at least one article from The Wall Street Journal to discuss a strategic situation between players that resembled or used any of the concepts above. What could have any of the players done differently to achieve a better outcome?