Make Econ Scientific
The “prisoner’s dilemma” is a famous game, and standard game theory predicts the prisoners will never cooperate if they must play without communicating. But here’s a real-world case, and guess what.
The “motivation function” is an improved utility function in that it takes account of both wealth and relative wealth. But as specified by Bolton and Ockenfels it is not consistent between games (economies) with different numbers of players.
New Stoft.com website launched with WordPress on July 2, 2014. This will focus much less on electricity and much more on climate policy and behavioral economics. (For non-programmers: “Hello world!” is the
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