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Why can't private individuals always internalize an externality without the help of government?
Repeated Game
A strategic scenario in game theory where the same game is played several times, allowing players to revise their strategy based on past outcomes.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal given the strategies of all other players in the game, leading to a situation from which no player has an incentive to deviate.
Prisoner's Dilemma
A scenario in game theory where two individuals acting in their own self-interest do not produce the optimal outcome, showcasing the conflict between personal and collective rationality.
Payoff Matrix
A table that illustrates the outcomes (or payoffs) of different strategies or decisions made by players in a strategic or game-theoretic context.
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