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The Best and Worst of All Possible Worlds: Some Crude Evaluations

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Abstract

The 2 x 2 matrix game plays a central role in the teaching and exposition of game theory. It is also the source of much experimentation and research in political science, social psychology, biology and other disciplines. This brief paper is addressed to answering one intuitively simple question without going into the many subtle qualifications that are there. How efficient is the non-cooperative equilibrium" This is part of a series of several papers that address many of the qualifications concerning the uses of the 2 x 2 matrix games.

Suggested Citation

  • Michael R. Powers & Martin Shubik, 2017. "The Best and Worst of All Possible Worlds: Some Crude Evaluations," Cowles Foundation Discussion Papers 2093, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:2093
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    References listed on IDEAS

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    1. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
    2. Martin Shubik, 2012. "A Web Gaming Facility for Research and Teaching," Cowles Foundation Discussion Papers 1860, Cowles Foundation for Research in Economics, Yale University.
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    More about this item

    Keywords

    2 � 2 matrix games; Index;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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