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Chicken Game Theory

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Q2. Briefly describe one study that has considered your chosen game? One study that has considered my chosen game is “Don’t Get Even, Get Mad”, by Robert Matthews, published by New Scientist Magazine in 1998. This article exams the behaviour of participants of a terrorist attack in lieu of the chicken game theory; it examines what would one do if an informant has tipped you off that a terrorist organisation is preparing a forthcoming event on a key military camp. Disregarding the tip-off could be catastrophic as the evidence indicates it as a suicidal terrorist attack. Taking action however could have issues also as it will divert valuable resources from other vulnerable targets, and could alert the terrorists to the informer in their midst. …show more content…

Q3. Use this game to describe one social (e.g. sport, culture, entertainment, literature, education, movies or music etc.), economic (business takeover’s, cartels, price agreements) or political (political crisis’s, arms races) strategic interaction. One political strategic chicken game interaction example would be the crude oil animosity between Saudi Arabia and the United States. The global drop in oil prices is turning into an international chicken, led by these members of the oil cartel. The Saudis refuse to cut production of the oil as they hope to keep the prices low enough, long enough to crush the upstart American shale oil business. This is a game of chicken that America want to win and they believe they can because the US economy is dominant in oil, unlike how the Saudi Arabian economy is. The demand for crude oil should not stay down for long according to Journalist Jake Noavak for CNBC …show more content…

However, having have too much of a varied economy and a skilled population to suffer a death blow even if our energy industry continues to contract. Over the past 6 months, Rigs are being shut down and more than 20,000 energy workers in this country have been laid off since crude and natural gas prices started to collapse this past fall. Through this period, the U.S. GDP has continued to grow. the oil and gas extraction sector added nearly $300 billion to the nation's GDP last year, that amount is still less than 2 percent of overall U.S. output and that jobs in the oil and natural gas industry amount to a tiny fraction of total, nonfarm

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