5min chapter

The Joe Walker Podcast cover image

Rational Minds Part 3: Rethinking Bubbles - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Utility Function of Cooperation

When we first ran a game like that, I think it was about 1988 or 89, very late that 90s. We were astonished because we deliberately chose parameters where person one should be very reluctant to pass to two. Half of the player ones passed to player two's, half of them defected. Seventy-five percent did what we, in those days, we called it reciprocating.

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