topic three: social interactions
0.0(0)
Studied by 0 people0.0(0)
Call with Kai
Knowt PlayNew
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/5
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
6 Terms
1
New cards
Social dilemma
A situation in which actions taken independently by self interested individuals result in a socially suboptimal outcome
2
New cards
Game theory
Where the outcome depends on what other people do
3
New cards
Best response
The strategy that yields the highest payoff, given the other player’s strategy
4
New cards
Dominant strategy
A best response to all possible strategies of the other players
5
New cards
Dominant strategy equilibrium
An outcome of a game in which everyone plays their dominant strategy (socially optimal)
6
New cards
Nash equilibrium
The outcome when each individual best responds to the strategies chose by everyone else