PSYCH 217 Lecture 5: Economic Games

• School: UMASS-Amherst
• Department: Psychology & Brain Sciences
• Course: PSYCH 217
• Professor: Brian Lickel

Document Summary

What economic games tell us about the logic of human social relations. Game theory builds off of set situations in which people have to interact with others and make decisions with minimal information. Games here doesn"t mean game the way we usually mean it. Structure of the game recreates (in a stripped down format) problems that people face in social interactions. Models developed in economics that assume human behavior is rational and self- interest/selfish (maximizing) Key examples of experimental games: prisoner"s" dilemma game. Two players, each of whom must make a choice of behavior. Know the options faced by the other player.