Student: Stanley

around 100 word detailed response why agreed (to each post)

Discu.lon Question: A stude.argues,.The prisoners' lemma game Is unrealistic. Each player's strategy Is based on the assumption that the o.er player won't cooperate. But if each player assumes o.er player will corporate,then .e'dilemma'clisap,ar, Briefly ,la.the plsoners'aemma and explain whether or not you agree with Mis argument. According to Jim Chappelowfrom Investopedia,"The prisoner's dilemma Is a paradox decision analysis in which two Individuals acting in their own seltdnterests do not produce the optimal outcome' (Chappelow,201P). Acommon example of this situation is two criminals who have been arrested and have an opportunity to betray Men gangor remain silent. Itthey both remain silent they both get minimaljall time but it they both conf ess,they will both receive the same amount of jail time, which is more Man it they both stay quiet. Finally, if only one talks then the one who talks gets no jail time, and Me one who doesn't get lets Me mostiall time individually. In Mis ease, the criminal always Masan Incentive to defect, no matter what Me other person says. I would have to sligMly agree with Me statement because itMe two parties go iMo It with Me mindset of cooperating then they would he able M find the hest solution without a dilemma. However, people will usually. in a way that is Me best for then own self-perseverance and Mis causes doubt in whether or not each group will come to the same conclusion Mete end and no one wants to get lentout and get nothing when the other party Is getting everything. Source: Chappelow, J. 12020,January PP). Prisoner's Dilemma Definition. Retrieved from https://www.investopedianom/terms/p/Prisfinerssfilemma.asn The student's argument Mat Me prisoner's dilemma is unrealistic because the game is based on assumptions, Is a Flawed argumeM. The dilemma is wbeMer an accused person should conf ess to a crime or not, given that a witness also beMg Interrogated. It cannot be assumed Mat the other Mayer will rooperate,as Me other Mayer has Mcentive to keep Memselves safe. The textbook provides Me example of Rb Reynolds and MUM Morris and Me impact launching an advertising campaign will have on Me other company. The Nash equilibrium f or this example is when both companies launch advertising campaigns, hurting sales for each company. However, each company bas Me goal of maximizing profits, and If only one company launches an ad campaign, they Mil earn significant profits while Me other Is damaged. The best case scenario is when both companies continue doing business as usual - unlikely to occur given the nature of competition. Ms interesting how theInstinct of maximizing profits through advertising,while seemingly a good straMgy, is only successf if others are not already advertising, It could be argued that advertising is actually detrimental to a markets growth. R1 Reynolds and Phillip Morris witnessed greater mofiMbility after advertisements for Tobacco produc. were banned. It seems as Mought Me added expense of marketing can bares negative cost-benefit.Mthough I understand the need to advertise if your competitors have elaboraM ad campaigns and erase your market share.Thls is a tough area to balance,and the dilemma Is far more complicaMd Man the student's argument preseMs. References: Froeb, L. M., McCann, Ellf, Mc. Ward, M. R. PRIM. Managerial econand n solving approach (Stb ed.). Mason, OH: Cengage Learning,

Budget: $15.00

Due on: April 24, 2020 00:00

Posted: 5 months ago.

Answers (0)