Cooperation and the Prisoner's Dilemma
Lecture no. 12 from the course: Unexpected Economics
Taught by Professor Timothy Taylor | 27 min | Categories: The Great Courses Plus Online Economics & Finance Courses
A discussion of the classic Prisoner's Dilemma and its application to the market economy leads to a surprising conclusion: Competition and cooperation are not opposites. Instead, they are interlocking, with market competition the ultimate example of socially cooperative behavior.