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What is the prisoners' dilemma? Give two examples (unrelated to the textbook's discussion of oligopoly markets or my lecture video discussion on OPEC) that show
What is the prisoners' dilemma? Give two examples (unrelated to the textbook's discussion of oligopoly markets or my lecture video discussion on OPEC) that show how the prisoners' dilemma helps to explain behavior. Briefly outline the different strategies available to the participants, and how the Nash equilibrium is worse than the cooperative option.
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