ECON 103 Quiz: ECON103 Quiz 5 2018 Spring
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ECON 103 Full Course Notes
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Class 7, quiz 5: to be done at home and handed in to ta section. Note that you may work with one other person from your ta section. Prisoners" dilemma: below is an example of a classic prisoners" dilemma game. Two students are caught cheating on an assignment. If they stand together ( cooperate ), then they may both be able to convince their ta that it was an accident that they handed in the exact same assignment. If one defects and does not cooperate while the other cooperates, the defector will be punished lightly while the lone-cooperator dies a gruesome academic death. Each has 90% chance of avoiding academic punishment. The outcome that has the best overall result is when both student a and student b both cooperate. This is the best option for the students because they have the lowest chance of getting punished. The other options have a much higher chance of being punished.
