The public goods game is a standard of experimental economics. In the basic game, subjects secretly choose how many of their private tokens to put into a public pot. The tokens in this pot are multiplied by a factor (>1) and this "public good" payoff is evenly divided among players. Each subject also keeps the tokens they do not contribute.
Read more about Public Goods Game: Results, Multiplication Factor, Implications
Famous quotes containing the words public, goods and/or game:
“The public values the invention more than the inventor does. The inventor knows there is much more and better where this came from.”
—Ralph Waldo Emerson (1803–1882)
“This avidity alone, of acquiring goods and possessions for ourselves and our nearest friends, is insatiable, perpetual, universal, and directly destructive of society.”
—David Hume (1711–1776)
“Vanessa wanted to be a ballerina. Dad had such hopes for her.... Corin was the academically brilliant one, and a fencer of Olympic standard. Everything was expected of them, and they fulfilled all expectations. But I was the one of whom nothing was expected. I remember a game the three of us played. Vanessa was the President of the United States, Corin was the British Prime Minister—and I was the royal dog.”
—Lynn Redgrave (b. 1943)