Identify and explain the prisoner's dilemma and how it applies to real-world situations.

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The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate the most likely outcome. Does the ability to move first give the employer an advantage? If so, how? As the employee, is there anything you could do to realize a higher payoff?  

Question 19 2.5 points Save Answer Prisoner B Remain Silent Confess (do not (cooperate with other prisoner) A gets 2 years, B | A gets 8 years, B gets 2 years A gets 1 year, B gets 8 years cooperate with other prisoner) Remain Silent (cooperate with other prisoner) Confess (do not cooperate with other prisoner) gets 1 year A gets 5 years, B gets 5 years Prisoner A Two prisoners have the option of confessing or remaining silent. The results of their choices are interdependent. Both are trying to minimize their time served in prison. These are the potential outcomes. What is the Nash Equilibrium? Confess, Confess Confess, Remain Silent Remain Silent, Remain Silent Remain Silent, Confess O O

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Describe some win-lose outcomes, where one person prevailed over the other, that might have been less satisfying in this situation.

Player 1 is an Internet service provider and Player 2 is a potential customer. They consider entering into a contract of service for a period of time. The provider decides between two levels of service: High or Low. The potential customer decides whether to Buy or Not Buy. When the potential customer calls customer service, the Internet service provider makes the initial offer.The potential customer then decides whether to Buy or Not Buy. Let’s say that the interaction ends after the potential customer makes their decision. Please set up the extensive form according to the following outcomes: i. If the Internet service provider offers Low and the potential customer doesn’t buy, they both make off with 1. ii. If the Internet service provider offers Low and the potential customer buys, the Internet service provider makes off with 3, and the customer receives 0. iii. If the Internet service provider offers High and the potential customer doesn’t buy, the Internet service provider makes…

Explain how the Prisoner’s Dilemma challenges Adam Smith’s concept of the  Invisible Hand.

In economics, the __________ problem occurs when those who benefit from resources, goods, or services do not pay for them. Multiple Choice   dead beat   lackey   free rider   cheapskate

Suppose a person’s true value for a good they already are endowed with is v and they offer b > v in Becker-Degroot-Marschak task. Why would they be better off (or at least no worse off) bidding b = v?