When you write “If the others continue to cooperate, their bid is lower and they get nothing” you imply an iterated game. It seems clear from Hamermesh’s account that players were only allowed to submit one bid.
Ashley won, but she didn’t maximize her win. The smartest thing to do would be to agree to collude, bid higher, and then divide the winnings equally anyway. Everyone gets the same payout, but only Ashley would get the satisfaction of winning. And if someone else bids higher, she’s no longer the sole defector, which is socially significant. And, of course, $20 is really not a significant enough sum to play hardball for.
When you write “If the others continue to cooperate, their bid is lower and they get nothing” you imply an iterated game. It seems clear from Hamermesh’s account that players were only allowed to submit one bid.
Sorry for the poor phrasing. I didn’t read it as an iterated game at all. That statement should instead read, “If the others nevertheless cooperate, … ”
Should I update it? How do you do the strikeout/line-through thing.
When you write “If the others continue to cooperate, their bid is lower and they get nothing” you imply an iterated game. It seems clear from Hamermesh’s account that players were only allowed to submit one bid.
Ashley won, but she didn’t maximize her win. The smartest thing to do would be to agree to collude, bid higher, and then divide the winnings equally anyway. Everyone gets the same payout, but only Ashley would get the satisfaction of winning. And if someone else bids higher, she’s no longer the sole defector, which is socially significant. And, of course, $20 is really not a significant enough sum to play hardball for.
Sorry for the poor phrasing. I didn’t read it as an iterated game at all. That statement should instead read, “If the others nevertheless cooperate, … ”
Should I update it? How do you do the strikeout/line-through thing.