Simultaneous games are usually described using the strategic or normal form. What this all means is that we only have one chance to get it right, but that we can play smart by knowing what our opponent will do and acting accordingly. An equilibrium is reached when both players will rationally make a decision that they have no reason to change: whatever else they do, they will only be worse off. Our situation can only be improved if our opponent chooses to do something else.
In this game, two prisoners are locked up in separate cells where they have no chance of communicating imperfect information.
They are both given the same complete information, which is summarised in the following game matrix :. In this example, the outcomes represented are years of freedom lost. If both prisoners confess, they will both receive an 8 year sentence. However, if neither confess, charges will have to be mitigated and both will receive low sentences.
Obviously, the best social outcome is for neither to confess, which would be the Pareto optimal situation. However, we can see that this is not a stable equilibrium. Both prisoners have an incentive to confess: if we are prisoner 2 the vertical player and we assume that prisoner 1 is going to confess, we have two possible outcomes: -8 if we confess and if we lie.
If we assume that prisoner1 is going to lie, we again have two outcomes: 0 if we confess or -1 if we lie. This means that, independently of the choice our opponent makes, we always have an incentive to tell the truth. Because we know this, we will choose to confess, and, because our opponent is in the same situation, chances are they will do the same. Once at this equilibrium, neither opponent has an incentive to change. This means we have one clear Nash equilibrium: where both players confess.
The process we have just followed in order to reach this conclusion is based on finding a dominant strategy confess which always overpowers the alternative under any choice the other player makes whether our opponent confesses or lies.
This allows us to rule out the overpowered strategy. In static games, we can have countless options, but this rational strategy will allow us to see our options more clearly and eliminate undesirable options in a systematic way. What this process and what Nash equilibria do not allow us necessarily to do are to reach social optimums.
The social optimum in this case would be for both players to lie and have charges mitigated: they would both be out within a year.
But game theory tells us that social inefficiencies are common when dominant strategies are not for the common good.
Feb 1. It has also been shown in some studies that it may help treat epilepsy, sleep disorders, and cancer. Since CBD is found in small amounts in many other plants, it is not commercially available. A new way of extracting the compound was developed at the University of Mississippi by Dr.
Kevin Bowen who calls his process an "enzymatic" extraction. The process produces CBD without producing any of the unwanted side effects that are commonly produced by the typical chemical methods. This is especially important because the government is not requiring commercialization of this extract under the Controlled Substances Act, which regulates the manufacture and distribution of prescription drugs.
Currently there are no clinical trials that have been approved by the FDA to evaluate the safety and effectiveness of CBD. The research being done by the University of Mississippi will not be limited to the medical marijuana industry however. The study is currently ongoing, so the possibilities for CBD products are endless. These products can include oils, capsules, pills, and even lotions. That's because it has been shown to help reduce anxiety, increase memory recall and enhance focus and is popular with teenagers.
Since CBD is derived from hemp plants, it does not pose the same health risks as illegal substances such as cannabis and does not produce the same negative side effects like smoking marijuana does. If and when they decide to do so, it will be in a more concentrated form that will not cause the same level of euphoria or mood altering effects that are often associated with prescription drugs.
There are other uses for CBD that we do not currently have access to. One of the most promising uses of CBD is to help treat and possibly prevent the occurrence of seizures in those suffering from epilepsy. Since hemp oil and CBD are in its most natural form, it is safe for use in food, cosmetics and dietary supplements.
It can even be used for aromatherapy and skin care treatments as well. Complete information means that we know what we stand to win or lose: we know that rock beats scissors and that this will give us some form of utility we might get to pick the plan for that evening or simply feel a warm glow of superiority.
Simultaneous games are usually described using the strategic or normal form. What this all means is that we only have one chance to get it right, but that we can play smart by knowing what our opponent will do and acting accordingly. An equilibrium is reached when both players will rationally make a decision that they have no reason to change: whatever else they do, they will only be worse off.
Our situation can only be improved if our opponent chooses to do something else. In this game, two prisoners are locked up in separate cells where they have no chance of communicating imperfect information.
They are both given the same complete information, which is summarised in the following game matrix :. In this example, the outcomes represented are years of freedom lost. If both prisoners confess, they will both receive an 8 year sentence.
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