Prisoner's Dilemma

Game TheoryDecision MakingStrategy

The Prisoner's Dilemma illustrates how two individuals acting in their own self-interest can lead to suboptimal outcomes for both.

Introduction

The Prisoner's Dilemma illustrates how two individuals acting in their own self-interest can lead to suboptimal outcomes for both.

Core Concepts

  1. Individual Rationality: Prioritizing personal benefit.
  2. Collective Rationality: Cooperation yields better outcomes.
  3. Trust and Strategy: Decisions hinge on predicting the other's actions.

Applications

  • Negotiation strategies to encourage collaboration.
  • Economics for understanding competition dynamics.

Related Resources

  • Book: "The Evolution of Cooperation" by Robert Axelrod.
  • Tools: Simulation models for strategic interactions.

Related Topics

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