If the prisoner's dilemma is repeated infinitely, it is possible to achieve cooperation, as long as the players are patient enough.
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@LivewithIvan3 жыл бұрын
Thank you so much for simplifying this in such a wonderful way. Big university professors couldn't accomplish what this video of yours has!
@IrisFranz3 жыл бұрын
Thanks! Glad it was helpful.
@brenblokszero37722 жыл бұрын
this is called a paradox because of the fact that choosing defect would score them with greater benefit, but it contradicts itsself by prooving that helping others is always the best way to live your life, and serves as proof that sociopathic ideals built to take what you can get out of a person are inherently both bad and ineffective, while always choosing to help eachother will not only result in the guaranteed benefit of both parties but also the net greatest amount of points allotted to the whole community, i find this concept to not only be helpful for buisness and economy, but also with relationships and serves as a good lesson to live your life by under any citizen's circumstances.
@IrisFranz2 жыл бұрын
You’re totally right! I highly recommend this podcast freakonomics.com/podcast/robert-axelrod-on-why-being-nice-forgiving-and-provokable-are-the-best-strategies-for-life/ All the best!
@iddrisuibrahim76005 ай бұрын
You teach so well! Bravo!
@user-tv4lo9ch5v Жыл бұрын
Thank you so much, you're a life-saver. They didn't go over this or the 2nd degree price discrimination during my course properly, your videos saved me so much trouble.
@DonnaZ-cw2dk6 ай бұрын
I have to say you explain it much better than my professor in the uni! Thanks a lot for your videao to help me struggle with my final exam lol!
@jadeenterprises59815 жыл бұрын
That was so simply explained. Thank you!!!
@RWales5225 жыл бұрын
This was excellent! I struggled with this concept for a while, but I get it now. Thank you!
@IrisFranz5 жыл бұрын
Robert Wales glad to help!
@zebrabanana43172 жыл бұрын
literally watch you for years so so so helpful, and it makes me clueless when there are topics agar iris doesn't explain
@IrisFranz2 жыл бұрын
Glad to help!
@samersaleh903 жыл бұрын
2 days of research in 6 minutes! Well done, thank you!
@IrisFranz3 жыл бұрын
You’re welcome!
@lanin.h64993 жыл бұрын
This video was so well and simply explained! Thanks Iris
@IrisFranz3 жыл бұрын
Glad it was helpful!
@juneivy87735 жыл бұрын
Very clear and precise. Good job. Thanks
@akinaykenar18615 жыл бұрын
Great work Iris! keep up the great work!
@ujjwalsharma72832 жыл бұрын
😍😍😍😍🤩🤩😍😍😘😘😘😘😘 Thank you for the Lucid Explanation Ms Franz
@IrisFranz2 жыл бұрын
Glad to help. Happy learning!
@justinblackford7605 жыл бұрын
Excellent explanation!
@ayeitsfatinaliaa18273 жыл бұрын
Thank you so much for this. I have been finding this sort of explanation for days. thank you..thank you so so much. it was explained it great detail and much length
@IrisFranz3 жыл бұрын
You’re welcome! Glad that you find it helpful. Best wishes.
@bitanyagebremichael96004 жыл бұрын
You are simply brilliant and so articulate.
@IrisFranz4 жыл бұрын
Thank you. Happy learning!
@priyasu83 жыл бұрын
That's really helpful mam. Thank you 🌈 Please share the selfish and altruistic social behaviour prisoner's dilemma as well.
@danielkifletelila764 Жыл бұрын
huge thanks for your help !!
@gssjs47014 жыл бұрын
Very simply explained. Thank you.
@IrisFranz4 жыл бұрын
Glad it was helpful! Please share with those who find economics challenging.
@NorroTaku2 жыл бұрын
I like the part were you explained the a/(1-delta) part that was cool
@IrisFranz2 жыл бұрын
Glad to hear!
@RR-og4ut2 жыл бұрын
Thank you so much. In finite game suppose players are playing for two times in that case do they defect or cheat (in prisoner's dilemma) in both the periods ?
@IrisFranz2 жыл бұрын
Yup. Use backward induction.
@Living_with_flavour4 жыл бұрын
You are an awesome teacher.. Thank you.. 🤗
@IrisFranz4 жыл бұрын
Thanks and happy learning!
@VocalBeast Жыл бұрын
I just have a small question with the latter part of your video concerning the derivation of x=a/1-f (f being delta); when you take x - fx, don't you get = a - the last term of fx? For instance say we have x= a + af + af^2 (only uptil power 2). Then if we take x - fx, you would get = a - af^3. Could you please explain this!
@IrisFranz Жыл бұрын
The last term would be close to zero and you can ignore it. Best luck 🍀
@VocalBeast Жыл бұрын
@@IrisFranz thank you so much!
@davidvankuit668010 ай бұрын
hello, i need to make a paper about the price war between coca-cola and PepsiCo and also used a repeated game prisoners dillema, but i dont understand how a decision tree will look like in the infinite repeater game ? could you help me with this
@eyerusalemdegu3 ай бұрын
🙏 big respect
@laurentkalonga10622 жыл бұрын
great video
@IrisFranz2 жыл бұрын
Thanks!
@alwaysblessed22754 жыл бұрын
thankyou so much, it helps me a lot for upcoming exams
@IrisFranz4 жыл бұрын
You're welcome. Happy learning!
@Dhriti6653 жыл бұрын
You should add subtitles as well
@LK-pw7fm2 жыл бұрын
Thanks a lot for an absolutely amazing explanation!
@IrisFranz2 жыл бұрын
Glad it was helpful!
@evansabakah69262 жыл бұрын
Good job @Iris Franz--Please I want to understand why you multiplied the utilities eg 12 by delta in the first place. I get the proof but want to know the intuition behind multiplying it by the figures.
@IrisFranz2 жыл бұрын
Delta is between 0 and 1. You multiply a payoff NEXT PERIOD by delta to show how much that payoff is worth to you TODAY. Say, if a payoff of $12 next period is equivalent to $6 today, then your delta is 0.5. The less patient you are, the smaller your delta. That's why we call delta " the discount rate" -- we discount a payoff that will happen tomorrow, because we are impatient.
@evansabakah69262 жыл бұрын
@@IrisFranz Thank you so much
@jet64773 жыл бұрын
Thank you so much! I am having a homework that is exactly about this problem!
@IrisFranz3 жыл бұрын
You are welcome!
@ashutosharora21962 жыл бұрын
I think you should call delta the discount factor and not the rate.
@IrisFranz2 жыл бұрын
Noted; thanks!
@prachurbhansali95884 жыл бұрын
Thank you so much!
@Sensible-Immigrant4 жыл бұрын
Thank you
@IrisFranz4 жыл бұрын
glad to help!
@webbophone33773 жыл бұрын
Interesting! And I'm not even a mathematician!
@IrisFranz3 жыл бұрын
Glad that you find economics fun!
@zahraaadnan7293 жыл бұрын
How do I know that example infinte or finite????
@IrisFranz3 жыл бұрын
Typically the question will indicate whether the game is finitely repeated or infinitely repeated. Best luck!
@sonalimahar55664 жыл бұрын
Hey i want a numerical solution of Finitely repeated game.can you make a video on it's solutions ?
@IrisFranz4 жыл бұрын
When the prisoners dilemma is finitely repeated, use backward induction. The last round’s equilibrium is (D, D). So as the previous round, and so on... . Therefore, the solution is (D, D) in each and every round.
@sonalimahar55664 жыл бұрын
@@IrisFranz i know that in the Finitely repeated game one of our Nash equilibrium remains equilibrium in the let say 10th period of the game. And in this game (D,D) will be the one.. I am having exam in few days. I m just didn't get how I need to solve it. Bcz in the exam even if I use backwards induction it's time consuming process to follow it till very first period of the game.. as i just can't write down the theory.. i thought there would be some sort of way or formula to show our solutions. Thank you so much.