The prisoners' dilemma or the jury's dilemma? A popular story with a dubious name
Article Abstract:
The prisoner's dilemma story is not realistic in that it does not take into account the institutional legal framework that would operate in real life. Prisoners would tend to confess to crimes whether or not they had committed them, and this would present problems for the jury, especially if undue pressure had been exerted on the prisoners. The story thus presents problems since it assumes that we change our view of accpetable evidence. It does not affect the value of the prisoners' dilemma as a game for illustrating economic theories.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1995
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Religion, ethics, the economy and economics
Article Abstract:
Eilert Herms' interpretation of ethos bears much resemblance to an economic interpretation and definition of institutions. He sees both the economy and religion as being necessary parts of the institutional shape of a human ethos. Herms also argues that the economic element of ethos is not shaped by constants of human life as other elements of ethos are. However, Herms fails to provide examples, and there remains the problem of how to model the evolution of institutions and rules.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1997
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