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game_theory [2024/04/12 07:41] – [The Prisoner's Dilemma] tomgame_theory [2024/05/23 06:21] (current) – tom
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 In real-world situations, Nash Equilibria may not always reflect the socially optimal outcome, as the individual incentives may not align with the social good. In such cases, alternative solution concepts, such as the Pareto efficiency or the Correlated Equilibrium, may provide a more realistic representation of the situation. In real-world situations, Nash Equilibria may not always reflect the socially optimal outcome, as the individual incentives may not align with the social good. In such cases, alternative solution concepts, such as the Pareto efficiency or the Correlated Equilibrium, may provide a more realistic representation of the situation.
  
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 Zero-sum game[(Zero-sum_game>Zero-sum game[[https://en.wikipedia.org/wiki/Zero-sum_game|Wikipedia]])] Zero-sum game[(Zero-sum_game>Zero-sum game[[https://en.wikipedia.org/wiki/Zero-sum_game|Wikipedia]])]
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 The prisoner's dilemma provides a powerful illustration of the challenges and conflicts that can arise from rational self-interest and the importance of cooperation in achieving mutually beneficial outcomes. The prisoner's dilemma provides a powerful illustration of the challenges and conflicts that can arise from rational self-interest and the importance of cooperation in achieving mutually beneficial outcomes.
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 =====Other Common Examples of Game Theory===== =====Other Common Examples of Game Theory=====
  
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 The Tragedy of the Commons[(Tragedy_of_the_commons)] is a concept in game theory that describes a situation in which multiple individuals share a common resource, such as a fishery or a forest, and must decide how much of the resource to extract. In this game, each individual acts in their own self-interest and tries to maximize their extraction of the resource. However, if all individuals extract as much as they can, the resource becomes depleted and everyone is worse off. The Tragedy of the Commons[(Tragedy_of_the_commons)] is a concept in game theory that describes a situation in which multiple individuals share a common resource, such as a fishery or a forest, and must decide how much of the resource to extract. In this game, each individual acts in their own self-interest and tries to maximize their extraction of the resource. However, if all individuals extract as much as they can, the resource becomes depleted and everyone is worse off.
  
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 The Tragedy of the Commons is often referred to as a "tragedy" because the outcome is not in the best interest of the group as a whole, despite each individual acting in their own self-interest. The tragedy occurs because there is a lack of incentives for individuals to conserve the resource and a lack of mechanisms for enforcing conservation. The Tragedy of the Commons is often referred to as a "tragedy" because the outcome is not in the best interest of the group as a whole, despite each individual acting in their own self-interest. The tragedy occurs because there is a lack of incentives for individuals to conserve the resource and a lack of mechanisms for enforcing conservation.
  • Last modified: 2024/04/12 07:41
  • by tom