🔒🤔Prisoner's Dilemma & Self-enforcing Contracts
Prisoner's Dilemma (game theory) - do people have an incentive to cheat in the market? Or maybe it's the opposite, and most of the contracts are self-enforcing without any third party interference?
Learn Austrian Economics in a fun way!
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Econ Clips is an economic blog. Our objetive is teaching economics through easy to watch animated films. We talk about variety of subjects such as economy, finance, money, investing, monetary systems, financial markets, financial institutions, cental banks and so on. With us You can learn how to acquire wealth and make good financial decisions. How to be better at managing your personal finance. How to avoid a Ponzi Scheme and other financial frauds or fall into a credit trap. If You want to know how the economy really works, how to understand and protect yourself from inflation or economic collapse - join us on econclips.com. Learn Austrian Economics in a fun way!
Пікірлер: 21
There is also a very cool online game that helps to understand prisoner's dilemma. ncase.me/trust/
@pratikjain9018
5 жыл бұрын
Nicky case I have played that
@rebecaa292
4 жыл бұрын
Really nice game. Thank you!
This Channel is so good!!!! Thank you so much for the content, love, from Brazil.
@EconClips
5 жыл бұрын
Thank you! :)
Awesome vids, I'm learning so much! Regards from Honduras.
Cooperation is always the best thing people can do. Your video shows that perfectly.
@bobbyrayofthefamilysmith24
2 жыл бұрын
Only if you know the other will cooperate.
@marunio435
2 жыл бұрын
@@bobbyrayofthefamilysmith24 If the orher won't cooperate this wouldn't be cooperation.
this chanel is soooo underrated !
Just the type of channel I was looking for😃
Roadside sellers always jack up their prices when tourists are around(especially in developing countries).
Interesting video
There is a circumstance here that is not discussed. What about when the customer’s demands increase beyond what is efficient for the business to provide, and because they do not provide that, customers feel empowered to punish them? The example here is Yelp and the reviewers that tarnish a restaurant’s reputation because of impossible expectations. They can feel free to leave a bad review, there is no incentive to tell the truth, especially when there is a perceived abundance (in the case of franchised small businesses).
Cool vid
Another great video. These concise videos are a great way to disseminate Austrian ideas. You should do a video on Austrian Capital Theory. You could use your video to recreate Robert P Murphy's Sushi Analogy mises.org/library/importance-capital-theory or a similar scenario. You could then relate this theory to modern western economies to try and explain why our current standard of living is unsustainable. Let me know what you think.
Watch at 0:75 speed
That cattle industry has to stop
Why every economist obsessed with game theory