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GAME THEORY: An analysis that illustrates how choices between two plays affect the outcome of a "game." Game theory is commonly used in economics to illustrate interdependent decision-making among oligopoly firms. It illustrates that one firm makes a decision based on the decision expected from the other firm. One key conclusion from the game theory analysis is that firms often make decisions that are "second best" or the "lesser of two evils." The classic example of such a decision is the prisoners' dilemma, in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment.
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BANKING An industry containing depository institutions that provide financial intermediary services and safekeeping of checkable deposits that make up an important portion of the economy's money supply. These depository institutions--including traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks--pursue financial intermediation and deposit safekeeping through fractional-reserve banking. Banking is regulated by the Federal Reserve System, Federal Deposit Insurance Corporation, and the Comptroller of the Currency, among a host of other federal and state regulators.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"When we do the best that we can, we never know what miracle is wrought in our life, or in the life of another." -- Helen Keller
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GEB
Games and Economic Behavior
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