def. Prisoner’s Dillemma is a symmetric game where the dominant strategy for both players is to defect, but collaboration would have yielded greater results. It is one of the most important problems that Game Theory aims to solve, and have applications in many fields. It is also known as the collective action problem or the free-rider problem. It is the cause of the Tragedy of the Commons in the scaled form.
- Econ 361 Distributive Justice is a course that dealt with this in-depth, thru the lens of PPE.
- Elinor Ostrom
- John Rawls
- Robert Axelrod
- Robert Frank
def. Coordination Device is a mechanism, any rule, external entity, etc. that can make both players cooerate.
- ¶a [[Focal Point|Focal Point]Prisoner’s Dillemmaoordination device.
When you ask two strangers to meet up at New York on Jan 1st., without giving them information, and without letting them coordinate, they will likely meet up in Times Square, at Midnight. This is a focal point.
A Focal Point is a 결집점 in a game with no coordination; a conspicuous point, either by nature or culture, that we can identify.