Document and describe a real-life phenomenon/behaviour with evidence.
(b) Use a game-theory model from this unit to explain this real-life example.
(c) Compare the model’s prediction with your real-life observation. What does the model’s prediction share in common with the real-life observation?
(d) No model is perfect. What is the shortcoming of the model? Discuss at least one difference between the model’s prediction and the real-life observation. Propose and discuss at least one way to improve the model (e.g., should we change/add an assumption?)
