‘You and another person have to choose whether to click on A or B. If you both click on A you will both receive £100, if you both click on B you will both receive £1, and if you click on different letters you will receive nothing. What should you do?’ (Bacharach 2006, p. 35) Team reasoning is a game-theoretic attempt to explain what makes your both choosing A rational. But what is team reasoning?
This recording is also available on stream (no ads; search enabled).
This section depends on you having studied some other sections:
This section provides an informal explanation of team reasoning starting from Bacharach’s initial characterisation:
‘somebody team reasons if she works out the best possible feasible combination of actions for all the members of her team, then does her part in it.’ (Bacharach, 2006, p. 121)
Although not covered in these lectures, Misyak & Chater (2014)’s proposal about virtual bargaining also looks like a promising development of game theory.
Your question will normally be answered in the question session associated with this lecture.