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The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
Tit-for-tat has been very successfully used as a strategy for the iterated prisoner's dilemma. The strategy was first introduced by Anatol Rapoport in Robert Axelrod's two tournaments, [3] held around 1980. Notably, it was (on both occasions) both the simplest strategy and the most successful in direct competition.
The prisoner's dilemma model is crucial to understanding the collective problem because it illustrates the consequences of individual interests that conflict with the interests of the group. In simple models such as this one, the problem would have been solved had the two prisoners been able to communicate.
To avoid the worst-case outcome of the prisoner’s dilemma, though, the company has hedged its bets. It seeks out fellow corporate climate leaders and sells them on its new CO2-light products.
Game theory is a major method used in mathematical economics and business for modeling ... in a process that can be modeled by variants of the prisoner's dilemma ...
Kuhn has written extensively on the prisoner's dilemma. In his article 'Pure and Utilitarian Prisoner's dilemmas', [3] he distinguishes between a 'pure' prisoner's dilemma and an impure prisoner's dilemma. A "pure dilemma" is defined when no mixed strategies improve outcomes over mutual cooperation; it's an "impure dilemma" when such strategies ...
Forging Connections. A one-time New York City hotelier who began renting out rooms to prisoners in 1989, Slattery has established a dominant perch in the juvenile corrections business through an astute cultivation of political connections and a crafty gaming of the private contracting system.
"Nature and Appearance of Deer" taken from "Livre du Roy Modus", created in the 14th century. Although most authors focus on the prisoner's dilemma as the game that best represents the problem of social cooperation, some authors believe that the stag hunt represents an equally (or more) interesting context in which to study cooperation and its problems (for an overview see Skyrms 2004).