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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Give two examples other than oligopoly that show how the prisoners’ dilemma helps to explain behavior.

To determine
How prisoner’s dilemma helps to explain a behavior.

Explanation

The examples of how the prisoner’s dilemma explains behavior is arms race and common resources. In the case of arms race, during the time of World War II, the United States and Soviet Union engaged in competition over military power. This event motivated some of the early work due to the formation of game theory. The game theorists noted that an arms race is just like the concept of prisoners' dilemma.

If both the countries dis-arms of existing weapon factory, then none of the country threats other country. If both the countries build the new weapon factory, then one country can protect itself from the other country...

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