Summary of game theory – Quiz

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Question 1 of 4

1. Question
Q1. Tragedy of the Commons
- a) Is a new concept created specifically to give an explanation of climate change
- b) Just shows, once again, that common ownership of any resource through communism and co-operative structure is doomed to failure
- c) Was conceived as a concept in the late 1800s and is an ideal method to help illustrate the challenges of solving climate change
- d) Is only applicable to situations involving sheep
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Question 2 of 4

2. Question
Q2. Tit for Tat :
- a) Tit for Tat is based on the same principles of the Prisoners’ Dilemma, but with repeated moves. Therefore being aggressive and cheating all the time is the best strategy,
- b) Tit for Tat is based on the same principles as the Prisoners’ Dilemma and the winning strategy is based on a combination of being nice and being forgiving, but being retaliatory when provoked
- c) Tit for Tat is based on the same principles as the Prisoners’ Dilemma and so the winning strategy is combination of being nice and forgiving
- d) Tit for Tat is based on the theory behind the ancient game of ‘Go’
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Question 3 of 4

3. Question
Q3. The Prisoner's Dilemma :
- d) Is a useful model when information is symmetric and both parties can work in harmony
- b) Underpins various rules in competition law, by showing the value of competitors not being able to communicate freely and so manage their responses
- c) Is only applicable to computer games
- d) Shows, once again, that capitalism’s dependence on self-interest always generates the right outcome
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Question 4 of 4

4. Question
Q4. Moral hazard :
- a) This is all about not paying bar and restaurant bills and getting a free lunch
- b) This is all about non-ethical behaviour
- c) This is all about the last financial crisis
- d) This is all about a party being able to take on excessive risks without suffering the consequences
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Summary of game theory – Quiz

Summary of game theory – Quiz

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