Summary
Summary game play unit 4
- Course
- ECO1010F
- Institution
- University Of Cape Town (UCT)
Notes made from slides and lectures about game play from unit 4 of the course
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, Social Dilemma> occur when we don't take into account the effects of our own actions on others
Tradgedy of the commons
>
-
resources not owned
by anyone are
easily over-exploited unless access
to the resource is controlled in some way
SOLUE SOCIAL DILEMMAS ?
·
Altruistic
preferences imply that we care about how our actions affect others
·
Taxes, regulations and policies
·
Water restrictions
·
flattening the curves policies
STRATEGIC INTERACTIONS
·
Two (more people engage in interactions with mutual awareness of the cross-effect of their actions .
Game
Theory
↳
1 .
) Players Sequential moves
2)
Strategies
=
occur one after the
3) Other
order of play
4) Information
.)
5
Payoffs
so
Simultaneous moves
=
occur at the same
Li me
-
Wash Equilibriums :
A list of strategies, one for each player such that no
player can better
payoff by
·
,
get a
available while adhere to the
Switching to some other
strategy that is the other
players
Strategies specified for them
* Its the of strategies which best response to the
strategies of
in
set each
player plays a
of the other
players .
& neither would
want to their decision
change
.
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