Game Theory: Social Dilemma
The social dilemma captures the core dynamic within groups requiring collective action, where there is a conflict between an individual’s immediate personal or selfish interests and the actions that maximize the interests of the group. At the heart of social dilemmas lies a disjunction between the costs to the individual and the cost to the whole, or benefits to the individual and benefits to the whole. We call this value that is not factored into the cost-benefit equation of the individual an externality, and it is externalities that create the disjunction between the parts and whole and result in the dilemma.
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Introduction, overview, uses of game theory, some applications and examples, and formal definitions of: the normal form, payoffs, strategies, pure strategy Nash equilibrium, dominant strategies.
This course is an introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, and signaling are discussed and applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere.
You can find complete course here:
https://www.youtube.com/watch?v=N3ViZYuDsVM&list=PLERuqH6mOSZQc1tWaS6FMEqWSdb613lMvCourtesy: Systems Innovation
Usage: Usage: Public Domain (
https://creativecommons.org/licenses/publicdomain/)
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https://www.youtube.com/watch?v=vVlV00twuug