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Economics: Difference between revisions
→Prisoner's Dilemma
(→Supply & demand: Say's law) |
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* the "prisoner's dilemma" represents a clash of individual versus group interests | * the "prisoner's dilemma" represents a clash of individual versus group interests | ||
** "dilemma" = a problem for which the solutions all reach a negative outcome | ** "dilemma" = a problem for which the solutions all reach a negative outcome | ||
*** as opposed to a "paradox" | *** as opposed to a [[Paradox|"paradox"]] | ||
* in the prisoner's dilemma, two prisoners must select between 1) confess to the crime or 2) remain silent | * in the prisoner's dilemma, two prisoners must select between 1) confess to the crime or 2) remain silent | ||
** each is held separately and does not know what the other will choose | ** each is held separately and does not know what the other will choose | ||