Daily Assignment Oct 22 - Daily Assignment#13 Game theory and the Prisoners Dilemma Readings Prisoners Dilemma Wikipedia

Daily Assignment Oct 22 - Daily Assignment#13 Game theory...

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Daily Assignment #13: Game theory and the Prisoner’s Dilemma October 22, 2012 Readings “Prisoner’s Dilemma,” Wikipedia, “Nash Equilibrium & Strategic Dominance,” Wikipedia, Selections (Collab) “Playing Chicken to Cut the Deficit,” Planet Money, - deficit o optional reading for background on the debt ceiling debate: _the_debtceiling_crisis.html “Game Theory, Explained with Golden Balls,” Planet Money, - golden-balls Key Terms Prisoner’s Dilemma illustrates a conflict between individual and group rationality; a group whose members pursue rational self-interest may all end up worse off than a group whose members act contrary to rational self-interest; difficult to get rational, selfish agents to cooperate for the common good Dominant strategy when one person’s best choice is said to be the same no matter what other people do; best choice doesn’t change based on opponents moves Nash equilibrium circular reasoning is brought to a conclusion by looking for a set of choices, one for each player, so that each person’s strategy is best for him when all others are playing their specific best strategies; making the best personal decision while also taking into account other’s personal decisions; may not be Pareto optimal Repeated game
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  • Fall '11
  • Kleiman
  • Game Theory, Wikipedia, Nash, prisoner’s dilemma

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