ABSTRACT
Even if we do not transform a game at all but present (or frame) the same game differently, behavior may still react to the change (presentation/framing effects). Consider, for instance, the prisoner’s dilemma game, played once or repeatedly, which has been a dominant paradigm of experimentation (Colman 1982, 1995) because it captures succinctly the possibility that individual rationality might contradict social welfare, at least for one-shot or finitely repeated games. This, of course, stands in sharp contradiction to Smith’s famous dictum “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest” (Smith 1976, 22).
