If I were any good at writing book reviews, this post would tell you all about Morgan Ricks' new book "The Money Problem", and would explain why I think it's a very good book. [Disclaimer: I was paid to fly down to Nashville for a couple of days to help Morgan with his first draft.]
But I'm really bad at writing book reviews, so I'm going to write this post instead. Maybe "reflection" would be the right word?
Stag Hunt is a two-person symmetric game with two Nash Equilibria: a bad equilibrium (hunt hare); and a good equilibrium (hunt stag). Each can catch a hare by himself, but it takes both players to catch a stag. Half a stag is better than a whole hare. If he expects the other player to hunt hare, it will be individually rational for each to hunt hare too. And if he expects the other to hunt stag, it will be individually rational to join him in hunting stag. [I'm self-plagiarising off my old post.]
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