Unless, it seems, we cooperate with one another. Computerised models show this works. It seems the trick is not to vote for we want for ourselves, but to vote for what is best for ourselves in conjunction with others. Working together, it seems, strikes a better deal than thinking individualistically. But that's a whole different ball game.
This time round, with elections due on Sunday, the popularity of the anti-austerity party, Syriza, is greater but the market atmosphere is calmer, helped by the ECB's long awaited announcement on Thursday that it would commence a programme of quantitative easing designed to boost demand.
The Sceptical Theory Not everyone is convinced by the apocalyptic theory. Over at Reddit, Roothorick makes this point beneath
As our audiences arrive at Shoreditch Town Hall, they're divided into two teams. Their objective is simple: to beat the other side. As the show goes on, the actions become more extreme, the morality more blurred. The choice between A and B becomes harder to make as the pressure on you to make it becomes higher. If the game is violence and the goal is victory, will you win at all cost or will you play to lose?
Love is a losing game. Or, in economic terms, a 'second-best' situation where one or more optimality conditions cannot possibly be satisfied.
The fiscal cliff is a sort of prisoner's dilemma. Each player appears fixated on trying to rat to the electorate about the guilt of the other for the impending disaster. In the chaos following a fall down the cliff, the president and the Republicans each hope that they will escape with a light electoral sentence while the other is sent down for life.
Game theory, popularised to the wider public by the film 'A Beautiful Mind', offers a simple, yet extremely powerful, analogy to examine social interactions: the prisoner's dilemma.