March 2011
Beginner
384 pages
9h 1m
English
Content preview from The Complete Idiot's Guide to Game Theory
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Chapter14
Individual Gain vs. Group Benefit
In This Chapter
- Harnessing pooled resources
- Sacrificing oneself for the common good
- Making sense of the Free Rider problem
- Seeing what happens in the real world
One theme that runs through much of game theory is the clash between individual desire and what is best for the group. Often what one person wants will undermine the outcomes for everyone else. In this chapter and the two that follow, I focus on the interaction between individual rational play and group optimal outcomes. The Stag Hunt game in Chapter 5, in which an individual is tempted to chase a rabbit for himself as opposed to teaming ...
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