Self-Interest In Naked Economics

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In Naked Economics, on page 44, the “prisoner’s dilemma” illustrates the idea of self-interest sometimes leads to very poor outcomes. Two people are arrested on the suspicion of murder. They are separated so they can be interrogated without communication. The case isn’t strong, but the police want a confession. If neither confesses, they both receive a 5-year sentence. If they both confess they both receive a 25-year sentence. Lastly, if one rats the other out, then the rat gets a 3-year sentence and the other gets a life sentence. Both people are best off collectively keeping their mouth shut. Neither of them decides to keep their mouths shut and begin to think. Prisoner A figure that if his partner keeps his mouth shut, then he can rat and

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