Cautionary Tales with Tim Harford cover image

The Rise and Fall of a Megalomaniac

Cautionary Tales with Tim Harford

CHAPTER

The Power of Common Knowledge in Collective Action

This chapter explores coordination problems through game theory, using bakers and butchers as a key example. It also highlights a historical moment in Bucharest where a shift from shared to common knowledge spurred revolutionary action, emphasizing the impact of collective understanding on societal transformation.

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