hello! Your videos have been invaluable resource for my courses. In regard to the prisoner's dilemma, I stumbled upon a question where the average cost and the quantities were given and wanted to create the payoff matrix could you possibly provide any hints on how to solve it? I was confused because they hinted that we should provide the calculations of the payoff matrix. thanks in advance!
Hi! Yes I have a video planned but might take a couple of days. In regards to your question, I'm not sure though my initial thought is that multiplying AC and Q will give you TC which you use in the matrix? In regards to the matrix, If top left hand corner numbers are both 'a', top righthand are 'c','d', bottom left hand are 'd' and 'c' and bottom right hand are both 'b' then it will a prisoner's dilemma if c>b>a>d (reading the numbers as costs, so c is most costly, d is least costly, and a is preferred to b), then this will be a prisoner's dilemma.
Thank you for sharing your videos! Please don't stop. You are definitely helping me understand my game Theory class!
hello! Your videos have been invaluable resource for my courses. In regard to the prisoner's dilemma, I stumbled upon a question where the average cost and the quantities were given and wanted to create the payoff matrix could you possibly provide any hints on how to solve it? I was confused because they hinted that we should provide the calculations of the payoff matrix. thanks in advance!
Hi! Yes I have a video planned but might take a couple of days. In regards to your question, I'm not sure though my initial thought is that multiplying AC and Q will give you TC which you use in the matrix? In regards to the matrix, If top left hand corner numbers are both 'a', top righthand are 'c','d', bottom left hand are 'd' and 'c' and bottom right hand are both 'b' then it will a prisoner's dilemma if c>b>a>d (reading the numbers as costs, so c is most costly, d is least costly, and a is preferred to b), then this will be a prisoner's dilemma.