Risk Aversion and Risk Taking
Media Type: Lecture Clips Topic: Game Theory, Economic Crisis, Money & Banking, Monetary & Fiscal Policy
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This lecture clip illustrates the Allais Paradox and highlights some of game theory behind gambling. Dirk asks students to choose between four gambling scenarios and then analyzes classroom responses from a game theoretical perspective, demonstrating preference reversal and illustrating the Allais Paradox in the process.
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