Posts Tagged ‘protectionism’
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25 January 2009
Protectionism: A Prisoner’s Dilemma?
In game theory there is a “game” called the “Prisoner’s Dilemma”. The details of the game are that two players have been arrested. If they cooperate and neither “rats” on the other they will both go free, if one “rats” on the other then the one gets off light and the other one gets a stiff penalty. If they both turn on each other they both get a moderate penalty. In common usage, the basic idea is a situation where each of the parties would be best off if neither of them participated, but much worse off if they don’t participate and the other party does. Is Protectionism an example of such a “game?”
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