Economic Party Games combines a board game like experience of turn based play with Experimental Economics using one iPhone or iPad, passed between players. The games featured in it are based of actual behavioral economic experiments and game theoretic ideas.
There are six different kinds of games which you can play with your family or friends. These games are about competition, cooperation, deception and trust. They are:
Two people have been arrested. If they cooperate the police will not have enough evidence to convict. If one betrays the other then the betrayer goes free, but the other is convicted. If both betray each other then both are convicted. Do you cooperate?
How to split the pie? 10 points are on offer. One player chooses how much to offer the other player. The other player can accept, in which case the points are split, or reject, in which case nobody gets anything.
Each player chooses how much of a common resource to use (think of farmers using common land). If everybody uses the maximum nobody gets anything (as the resource is depleted). If everyone chooses a moderate amount the best outcome for society is achieved. But if one person exploits the resource then they benefit.
Two cars drive towards each other. Do you continue? If both players continue they get a very negative outcome. If one player backs down they pay a small cost in reputation and the other gains a small amount. If both players back down they both pay a small cost.
Investors/speculators can choose each turn to sell a share, hold their current amount or buy. If lots of people buy the price probably goes up. If lots sell the price probably goes down. Buy low. Sell high. Good luck.
El Farol Bar
There is popular bar in Santa Fe. Everyone would rather to go there than stay at home as long as it isn't too crowded. But if it is crowded (if a majority of people go) then it would have been better to stay at home.
When you first play Economic Party Games it may be a little confusing. If you are stuck just tap on Explain! to get help on the game you are playing. Some details, such as how much communication can go in the room you are playing are up to you. For example you could play in silence (probably better experimental conditions but less fun).
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