Economics 1 - Lecture 9: Monopolistic Competition and Oligop
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@unassumption Well, I have always heard it referred to as the repeated prisoners dilemma. Anyway, technically he is right about the one off game but the one off game is not the right model for producer competition. The repeated model is better.
michalchik 4 months ago
@michalchik
that's a different game, the prisoner's dillema is a one off game by definition. Just a semantic point I totally agree, since life isn't made of one off games the prisoner's dillema is made moot, and the repeat game strategy wins.
unassumption 4 months ago
He's wrong about prisoner dilemma's not allowing collusion. In the simple game no. But if it is a continued or repeated game like it is in most markets, particularly if communication is allowed and memory of previous actions is possible there is strong incentive to collude. Look up "the repeated prisoner's dilemma game"
michalchik 4 months ago