The Tragedy of the Commons
Lecture no. 17 from the course: Games People Play: Game Theory in Life, Business, and Beyond
Taught by Professor Scott P. Stevens | 30 min | Categories: The Great Courses Plus Online Economics & Finance Courses
You explore what is essentially a many-player version of Prisoner's Dilemma. Each player's self-interested choices ironically contribute to a social dilemma in which every player suffers, in a scenario equally applicable to topics as diverse as global warming, traffic congestion, and the use of almost any nonrenewable resource.