Prisoner's Dilemma and Tragedy of the Commons (Video Notes)

Flashcards covering key concepts from the notes: Prisoner's Dilemma, collective undertakings, incentives, political compromise amid polarization, and the Tragedy of the Commons with related terms like Commons, Pollution, and Conservation.

Prisoner's Dilemma

A classic game-theory scenario in which individuals acting in their own self-interest undermine a jointly beneficial outcome; cooperation yields the best collective result, but incentives may push toward defection unless structured to reward cooperative behavior.

Collective undertaking

A shared task or public good whose benefits accrue to the group rather than to any single individual.

Incentives

Rewards or penalties designed to align individual choices with the best outcome for the group; used to encourage cooperation in dilemmas like the Prisoner's Dilemma.

Compromise in Congress during extreme polarization

A cooperative agreement reached despite severe political division, often requiring incentives or concessions to overcome competing self-interests.

Tragedy of the Commons

A situation in which a common-pool resource is overused or degraded because individuals act in their own self-interest, destroying the resource for the group.

Commons

A shared resource or public good accessible to all members of a community and susceptible to overuse.

Pollution

Contamination of air, water, or soil that imposes costs on others and can illustrate the tragedy of the commons when unregulated.

Conservation

The protection, preservation, and sustainable management of natural resources to prevent depletion and maintain ecosystem health.