What Is a Tit-For-Tat Strategy

question 49

Multiple Choice

What is a tit-for-tat strategy?

• A) a strategy used in repeated games where one player follows the other players move in the previous round
• B) a strategy in one-shot games where two players will collude to the detriment of other firms in the industry
• C) a strategy in a one-shot game where self-interest prevents cooperative behaviour and leads to an inferior joint outcome
• D) a strategy used in repeated games where players work together to plan what moves each will make in each round

Understand the factors contributing to economic growth and high per capita incomes in developed nations.

Understand the factors limiting saving in Developing and Vulnerable Countries (DVCs).

Comprehend characteristics and major obstacles to economic growth in DVCs.

Recognize the needed elements for capital formation and economic growth in DVCs.

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Definitions:

Behavioral Economist

A specialist in an area of economics that studies the effects of psychological, social, cognitive, and emotional factors on economic decisions.

Long-term Effects

The impact or outcomes of actions, policies, or events that are not immediate but unfold over a longer period.

Rational Decision Makers

Individuals or entities that make decisions by systematically considering all available information and maximizing their utility based on preferences.

Neoclassical Economists

Economists who focus on the determination of goods, outputs, and income distributions in markets through supply and demand.