Contemporary economic games
DOI:
https://doi.org/10.26686/pq.v1i3.4236Keywords:
Prisoner’s-Dilemma, World Trade Organization (WTO), Dominant-Strategy equilibrium, Non-credible threats, Join, TolerateAbstract
The economic theory of games derives its name from the study of strategic interactions - games - between individuals known as players who are thought to be rational, self-interested and informed. The players use the information to form beliefs about each other’s intentions. Their options for a decision are known as strategies. Their benefits or costs are known as payoffs and their decisions can be an equilibrium. The players may choose whether or not to cooperate with each other. If they do not cooperate, the theory is that of a non-cooperative game and the players are in a situation of conflict.
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