A Commitment Problem Exists When People Cannot Achieve Their Goals

question 75

Multiple Choice

A commitment problem exists when people cannot achieve their goals because:

• A)they cannot make credible threats or promises.
• B)they cannot play their dominant strategy.
• C)the payoff matrix is unknown.
• D)they do not have the first-mover advantage in a sequential move game.

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Definitions:

Adjudication

The legal process by which an arbiter or judge reviews evidence and arguments to make a formal decision or judgement in a dispute.

Imprisonment

The act of confining someone in a prison or another facility as punishment for crimes or while awaiting trial.

Food Production

The practices involved in cultivating plants and raising animals to provide food and other agricultural products.