This week in class, we learned about Game Theory. I thought that the most interesting thing in Game Theory was the Prisoner’s Dilemma. I feel that understanding the Prisoner’s Dilemma is very important because it can applied to many different situations or scenarios. I wanted to know more about the Prisoner’s Dilemma and how it can be used in different scenarios, so I researched the Prisoner’s Dilemma.
I learned from the Investopedia, that you can apply the Prisoner’s Dilemma to business and economics. For example, when buying a car, you have two options, either take the set price or bargain. In situation you could walk out with a new car and more money in your pocket, or a new car and less money in your pocket. The same situation applies to negotiating your salary. You may get more money, or you could really piss off your future employer and get less money, or not have a job at all. This could also apply to businesses with rising and lower prices. If one defects and the other doesn’t, one gets more money and the other less. So this, is a very good thing to think about when making choices.
Works Cited Picardo, CFA Elvis. “The Prisoner's Dilemma in Business and the Economy.” Investopedia, Aug. 2016, www.investopedia.com/articles/investing/110513/utilizing-prisoners-dilemma-business-and-economy.asp.
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AuthorI'm a student at Durham School of the Arts, and currently in the Game Art Design pathway. I like playing the Sims 4, playing with dogs, and riding horses. This blog will reflect my learning and discoveries. Archives
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