CENTIPEDE GAME
Extensive form game in which two players take turn in getting the bigger share of a slowly increasing money pot. As soon as a player takes the stash, that players gets the larger part while the other player gets the smaller portion. Although less popular than Prisoner’s Dilemma, it also emphasizes the conflict between self-interest and mutual benefit with which individuals have to seize. American economist Robert Rosenthal first introduced this game in 1982 since its original version was comprised of a 100-move sequence and its payoff diagram looked like a centipede.
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Giffen Good
Good for which demand rises as the price escalates, and declines when the price decreases. It has an upward-sloping demand curve, contrary to the f ...
Inactivity Fee
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CVE
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