Nash equilibrium prisoner's dilemma

A prisoners' dilemma refers to a type of economic game in which the Nash equilibrium is such that both players are worse off even though they both select their optimal strategies. The prisoners' dilemma is a classic example of a game which involves two suspects, say P and Q, arrested by police and who must decide whether to confess or not The prisoner's dilemma is a common situation analyzed in game theory that can employ the Nash equilibrium. In this game, two criminals are arrested and each is held in solitary confinement with no.. Nash equilibrium, named after Nobel winning economist, John Nash, is a solution to a game involving two or more players who want the best outcome for themselves and must take the actions of others into account. When Nash equilibrium is reached, players cannot improve their payoff by independently changing their strategy. This means that it is the best strategy assuming the other has chosen a strategy and will not change it. For example, in the Prisoner's Dilemma game, confessing is a Nash. Why two not-so-loyal criminals would want to snitch each other outWatch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/..

Prisoners' Dilemma Nash Equilibrium Real-Life Exampl

The interesting thing about this game is the fact that its Nash equilibrium is not socially optimum. Repeated prisoner's dilemma games: In order to see what equilibrium will be reached in a repeated game of the prisoner's dilemma kind, we must analyse two cases: the game is repeated a finite number of times, and the game is repeated an infinite number of times. When the prisoners know the number of repetitions, it's interesting to operate a backwards induction to solve the game. Prisoner's Dilemma & Nash Equilibrium We can also apply Nash Equilibrium to the popular prisoner's dilemma. In this, police arrests two criminals - A and B - and put them in two separate cells. As both are kept in different cells they have no way to communicate with each other and jointly decide the action plan Iterated Prisoner's Dilemma Game and Simulation (englisch) New Tack Wins Prisoner's Dilemma (englisch, über 'master-and-servant') Tobias Thelen, Spieltheorie und das Gefangenendilemma; Press, William H.; Freeman J. Dyson (2012): Iterated Prisoner's Dilemma contains strategies that dominate any evolutionary opponent. PNAS Early Edition.

Nash Equilibrium Definition - investopedia

  1. ant pure strategy (assu
  2. The prisoner's dilemma is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interests to do so. It was originally framed by Merrill Flood and Melvin Dresher while working at RAND in 1950. Albert W. Tucker formalized the game with prison sentence rewards and named it prisoner.
  3. The video talks about one of the most interesting topics under the study of Economics which is 'Game Theory'. I shall explain you in brief what exactly is th..
  4. which corresponds to the well-known prisonder's dilemma. Now a Nash Equilibrium by using pure strategies would be (G,G) cause by choosing them neither can improve his outcome by unilaterally changing his strategy. Now I wanted to calculate a Nash Equilibrium for mixed strategies using this payoff-matrix
  5. on the same day police have made - at first unrelated of arrest they arrests a gentleman named Al and they caught him red-handed selling drugs so it's an open-and-shut case and in the same day they catch a gentleman named Bill and he is also caught red-handed stealing drugs and they bring them separately to the police station and they tell them look this is an open-and-shut case you're going to get convicted for drug dealing and you're going to get two years and they tell this to each of.
  6. The term Nash-equilibrium applies to the set of strategies taken by all the players, not to any one player's individual strategy. If a player can only do worse by deviating then the equilibrium is strict, if she can do just as well (but no better) then then the equilibrium is weak, and if she can do better, then it is not an equilibrium
Game theory II: Prisoner’s dilemma | Policonomics

One of the best known Nash equilibriums can be found in the prisoner's dilemma. This concept belongs to game theory, specifically to non-cooperative games, and was named after John Nash who developed it. There are a few consistency requirements that must be taken into account when dealing with Nash equilibria The Nash equilibrium—what I call the stable outcome—of the prisoner's dilemma is that both players lose, even though it is entirely possible for them both to win if they had strategically cooperated. (Econ wonks would say that the outcome isn't Pareto efficient.) This is important because it demonstrates a situation where two individuals both behaving selfishly will be worse off. The pandemic is a prisoner's dilemma game played out repeatedly, Dr. Bauch said. In lectures, he invokes a comparison between Ayn Rand, who made a virtue of selfishness, and the Star Trek.. This is called the Nash equilibrium outcome of the prisoner's dilemma. Had the governors communicated their strategy, they could have coordinated a response of moderate reopening with an aim to..

Game theory Nash equilibrium Economics Online

The prisoner's dilemma is a paradox in decision analysis in which two individuals acting in their own self-interests do not produce the optimal outcome. The typical prisoner's dilemma is set up in.. The Prisoner's Dilemma gets its name from the following set-up. Two criminals are caught robbing a store and are brought to the police station. The crime is punishable by three months in prison, but the police also suspect each criminal of being involved in another crime that is punishable by three additional months in prison. The police try to get them to confess to the second crime by. One example in particular has come to symbolise the equilibrium: the prisoner's dilemma. Nash used algebra and numbers to set out this situation in an expanded paper published in 1951, but the. 2-1 Nash Equilibrium and the Prisoner's Dilemma 10:46. 2-2 Coordination Game and Self-Fulfilling Prophecy 9:17. 2-3 Market Competition 11:59. Taught By. Michihiro Kandori. University Professor. Try the Course for Free. Transcript. Explore our Catalog Join for free and get personalized recommendations, updates and offers.. The title prisoner's dilemma and the version with prison sentences as payoffs are due to Albert Tucker, who wanted to make Flood and Dresher's ideas more accessible to an audience of Stanford psychologists. More recently, it has been suggested (Peterson, p1) that Tucker may have been discussing the work of his famous graduate student John Nash, and Nash 1950 (p. 291) does indeed contain.

Nash equilibrium: solution to a game-theoretic scenario when no player has an incentive to change their decision, taking into account what the players have decided and assuming the other players don't change their decisions. prisoner's dilemma: a game in which the gains from cooperation are larger than the rewards from pursuing self-interes Game Theory: Nash Equilibrium, Prisoner's Dilemma Game theory analysis has direct relevance to the study of the conduct and behaviour of firms in oligopolistic markets -... Costly research projects represent a risk for any business - but if one firm invests in R&D, can a rival firm decide not... The. The Nash Equilibrium of Prisoner's dilemma involves two criminals who are arrested and confined in ways that hinder communication between them and the prosecutors offer each prisoner a chance to betray his fellow prisoner by testifying or confessing against him/her. Therefore, the dilemma occurs when there is mutual cooperation which occurs when there is mutual silence. This is so because the.

The prisoner's dilemma has one Nash equilibrium, namely 7,7 which corresponds to both players telling the truth. If player A would switch to lie while player B stays with telling the truth player A would get 10 years in prison, so he won't switch. The same holds for player B. It seems like 3,3 is a better solution than 7,7. However, 3,3 is not a Nash equilibrium. If the players end up in 3,3. The Nash Equilibrium in this game is for both players to walk home with nothing. However, contrary to the classic prisoner's dilemma where the two prisoners are isolated; the two contestants are allowed to discuss with each other how they should pick. This can change the game quite a bit. After watching several episodes of the show I found that the most common outcome is actually for one.

What is the Nash equilibrium? - Quora

Prisoners' dilemma and Nash equilibrium Microeconomics

Understanding a Cartel as a Prisoner's Dilemma ª A cartel is an oligopoly in which the members try to collude to behave as a monopoly by setting prices and output to maximize the collective profit. ª The outcome for a cartel is a prisoner's dilemma with a Nash equilibrium with each member doing the best it can, given the behavior of the others A natural starting point of discussion is the Nash equilibrium (A,A). Starting from there, only (B,B) is a Pareto improvement, which suffices to show that (A,A) is not Pareto efficient. That is what economists like to emphasize about the Prisoner's Dilemma and why textbook discussions focus on (B,B) Topics: Prisoner's dilemma, Nash equilibrium, Game theory Pages: 3 (1046 words) Published: March 10, 2012 Criticism of the United Nations highlight the lack of power it has and its reliance on superpowers for legitimacy Nash Equilibrium, Prisoner's Dilemma, Tit-for-Tat: to Manage Competitors. April 9, 2010 by Ikhsan Madjido 1 Comment. When we want to buy a car we only usually get a price on a.

Prisoners Dilemma (and Nash Equilibrium) - Warwick

The Nash equilibrium. Nash's most fundamental contribution to game theory was in opening the field up to a wider range of applications and different scenarios to be studied. Prior to his work. 2 CHAPTER 14: REPEATED PRISONER'S DILEMMA Some Nash Equilibria Strategies for Innitely Repeated Games We consider some strategies as reactions to action of the other player that have gone before. We only analyze situations where both players use the same strategy and check for which this strategy is a Nash equilibrium. In describing the strategy for Pi, we let Pj be the other player. Thus. No.43 - Prisoner's Dilemma and the Nash Equilibrium. Posted on October 28, 2018 October 30, 2018 Author Antonio Borges. Have you seen the movie a beautiful mind? Have you ever been facing jail time if you cooperate against an accomplice? Well, let's focus on the movie first - there's a scene where five guys, one of those guys being John Nash, and they are at a bar when a group of.

G Why is Nash Equilibrium in a Prisoner's Dilemma game not the absolute best result for the society... Questions in other subjects: Computers and Technology, 07.09.2019 03:10. Ahotdog stand sells hotdogs, potato chips and sodas. hotdogs are $2.50 each. potato chips are $1.50 per bag. sodas are $1.25 per cans. design a program to do the following. ask the... Answers. Chemistry, 07.09.2019 03:10. Prisoner's Dilemma. in that there are two Nash equilibria: when both players cooperate and both players defect. In the Prisoners Dilemma, however, despite the fact that both players cooperating is Pareto efficient, the only Nash equilibrium is when both players choose to defect. There is a substantial relationship between the stag hunt and the prisoner's dilemma. In biology many circumstances. In our example it is clear that (Cooperate, Cooperate) is Pareto efficient, but the (Defect, Defect) outcome is not. This leads to one criticism of Nash equilibrium: the outcome of NE isn't always Pareto efficient. Many possible remedies for a more satisfactory solution of the prisoner's dilemma have been advocated. It is common to play the.

This illustrates the reason for the name Prisoner's Dilemma - the Nash Equilibrium of the system is to always defect, and therefore score less points than if the system were to cooperate. GeneticMemory strategy: Genetic algorithm running for a more challenging Prisoner's Dilemma. Each strategy is evolving the probability that it will cooperate or defect, depending on it's opponent's previous. Nash equilibrium was discovered by American mathematician, John Nash. He was awarded the Nobel Prize in Economics in 1994 for his contributions to the development of game theory. Example. Imagine two competing companies: Company A and Company B. Both companies want to determine whether they should launch a new advertising campaign 5 P's of Marketing The 5 P's of Marketing - Product, Price. The prisoner's dilemma has been modified for various classroom exercises, often in economics (e.g., Holt and Capra 2000). Patrick F. Clarkin blogged about his use of the game to help his.

Iterated Prisoner's Dilemma. The Iterated Prisoner's dilemma is when the basic game is played multiple times (sometimes infinitely many times). Here, co-operation (neither player confessing) can be a Nash equilibrium. This requires that each player pays attention to what the other player does on previous rounds, and punish or reward the other. Example: Prisoner's dilemma Recall the routing game: far (-5,-1) (-2,-2) near (-4,-4) (-1,-5) near far AT&T MCI. Example: Prisoner's dilemma Here (near,near) is the unique (pure strategy) NE: far (-5,-1) (-2,-2) near (-4,-4) (-1,-5) near far AT&T MCI. Summary of relationships Given a game: • Any DSE also survives ISD, and is a NE. (DSE = dominant strategy equilibrium; ISD = iterated.

However there is no non-pure mixed strategy Nash equilibrium in a prisoner's dilemma because both players have strictly dominant strategies. Any possible mix with a positive weight on cooperating would be strictly dominated by a pure strategy of defecting. Share. Cite. Follow answered Nov 14 '20 at 0:34. user1 user1. 772 2 2 silver badges 13 13 bronze badges $\endgroup$ Add a comment | Your. The contribution of John Forbes Nash in his 1951 article Non-Cooperative Games was to define a mixed strategy Nash Equilibrium for any game with a finite set of actions and prove that at least one (mixed strategy) Nash Equilibrium must exist.() Of the prisoner's dilemma, the globally optimal strategy is unstable; it is not an equilibrium.[from wikipedia Therefore, \(\text{(CONF, CONF)}\) is a Nash Equilibrium, and the only one Nash Equilibrium in the Prisoner's Dilemma game. Note that in the Prisoner's Dilemma game, the Equilibrium in Dominant Strategies is also a Nash Equilibrium. Advertising Game. In this advertising game, two computer software firms (Microsoft and Apple) decide whether to advertise or not. The outcomes depend on their.

Nash Equilibrium, Prisoner's Dilemma, Tit-for-Tat: to Manage Competitors. April 9, 2010 by Ikhsan Madjido 1 Comment. When we want to buy a car we only usually get a price on a certain minimum threshold. Whereas with these prices, the dealers have gain a profit. Although we want to buy two cars at once, the dealer still will not sell below the price limit. But sometimes we are asked to meet. It is interesting to observe that both the companies face prisoner's dilemma when they wish to make a move against the other in their patent war. As you read further, you would see the Nash Equilibrium and Nash Solution for the Patent war. The current situation Apple and Samsung are now facing can be depicted as a Duopolistic market, when only a couple of firms provide a lot of the output. Goals: Students will demonstrate an understanding of how to use a Payoff Matrix and the background of the Prisoner's Dilemma game.Students will demonstrate an understanding of Nash Equilibrium.Students will participate in a Prisoner's Dilemma game of their own. Time needed: 30-40 minutes Materials Required: A lot of smaller candies (similar to what is often distribute Tit-for-Tat in the Repeated Prisoner's Dilemma. Playing a grim trigger strategy threatens the opponent with the biggest potential punishment. Can nicer strategies also sustain cooperation? The answer is yes. This lecture covers tit-for-tat. Like grim trigger, tit-for-tat begins the game by cooperating. Then, for all remaining periods, it duplicates the opponent's strategy from the.

The Prisoner's Dilemma is a classic example of game theory and Nash equilibria. It shows how individual self-interest can result in worse outcomes than would occur with cooperation or collusion . In some cases, it reveals how specific market failures can exist In the Prisoner's Dilemma, the Nash Equilibrium is considered to be bad because it causes both players to spend six years behind bars, even though there is a way that both players could spend only one year behind bars. However, this optimal situation is not attainable, because both prisoners have an incentive to try to attain the zero-year prison sentence and simultaneously to avoid the nine. The Nash equilibrium helps economists understand how decisions that are good for the individual can be terrible for the group. This tragedy of the commons explains why we overfish the seas, and. The game of prisoner's dilemma is of important relevance to the oligopoly theory. The incentive to cheat by a member of a cartel (i.e., in the model of collusive oligopoly) and eventual collapse of cartel agreement is better explained with the model of prisoner's dilemma. Instead of two prisoners we take the two firms A and B which have entered into a cartel agreement and have fixed the.

Is This Nash Equilibrium A Prisoners' Dilemma? Why Or Why Not? (max Words: 100) This problem has been solved! See the answer. Question 1: What is the Nash equilibrium of the game shown in the figure? Show the steps you took to reach this conclusion. Is this Nash equilibrium a prisoners' dilemma? Why or why not? (max words: 100) Expert Answer 100% (1 rating) Let us rank the words: Good. Topic 4: Duopoly: Cournot-Nash Equilibrium. We now turn to the situation when there are a small number of firms in the industry and these firms have the option of colluding with or competing with each other. To begin with, we assume that there are only two firms---a situation called duopoly. Then in the next Topic we will consider a larger number of firms---first four and then ten. When there.

Prisoner's Dilemma and the Definition of Nash Equilibrium Before describing the definition of Nash equilibrium, I would like to introduce the game of Prisoner's Dilemma to illustrate the idea. The most famous example of Nash equilibrium, however, is the Prisoner's dilemma problem, in which each of two prisoners have the choice of cooperating with the other prisoner by keeping quiet, or defecting by confessing. If both prisoners cooperate, they will face little jail time, but if exactly one of them defects, the defector will immediately go free and the cooperator will face lots. The Prisoner's Dilemma [PD] is the best known example of a two-person simultaneous game for which the Nash equilibrium is far from Pareto optimal result. In this paper we define a quantu A good strategy for the infinitely-repeated, two-player PD is a strategy with the following properties: (1)its use by both players ensures that each gets reward as long-term average payoff, (2)it is a nash-equilibrium with itself, and (3)if it is employed by both, any deviation by one that reduces the average payoff of the other will also reduce its own average payoff. Aikin, 2013 provides a.

Decision-making is important especially during a crisis such as the novel COVID-19 pandemic. The quantum prisoner's dilemma with two dilemma strength parameters is introduced as a model for the interaction between pharmaceutical and other related enterprises during the pandemic. Novel Nash equilibria are identified. The coopetition equilibrium (simultaneous cooperation and competition) is. Hence, the Nash equilibrium is for both prisoners accuse each other. This outcome will lead both prisoners to go to jail for 5 years. Prisoner's Dilemma in Duopoly The same idea in prisoner's dilemma holds for duopoly. Collusive Agreement: an agreement between two firms to form a cartel and act as a monopoly. Suppose there is firm A and firm B, and the demand and costs for the product is. In the Prisoner's Dilemma, (D,D) is a Nash equilibrium If either agent unilaterally switches to a different strategy, his/her expected utility goes below 1 A dominant strategy equilibrium is always a Nash equilibrium Nash Equilibrium Prisoner's Dilemma Agent 2 Agent 1 C D C 3, 3 0, 5 D 5, 0 1, 1 . Nau: Game Theory 14 Battle of the Sexes Two agents need to coordinate their actions, but they.

The Prisoner's Dilemma constitutes a problem in game theory. However, even in this case always defect is no longer a strictly dominant strategy, only a Nash equilibrium. The superrational strategy in this case is to cooperate against a superrational opponent, and in the limit of large fixed N, experimental results on strategies agree with the superrational version, not the game-theoretic. Prisoner's Dilemma Quiet Fink Quiet 2,2 0,3 Fink 3,0 1,1 In the Prisoner's Dilemma, (Fink,Fink) is the unique Nash equilibrium (and is strict). No other action profile satisfies the condition for a Nash equilibrium: • (Quiet,Quiet) does not satisfy the condition since (Quiet,Quiet) ≺1 (Fink,Quiet) • (Fink,Quiet) and (Quiet,Fink) do. Nash equilibrium is an outcome in which every player is doing the best he possibly can given other players' choices. So, no player can benefit from unilaterally changing his choice. Pareto optimal is an outcome from which any attempt to benefit so.. The prisoner's dilemma is a basic piece of game theory which can be applied to virtual economies, particularly in the context of my recent discussion of third party trading sites. I would like to briefly discuss how the prisoner's dilemma can become a roadblock to gamers' utility maximisation, i.e. fun, while playing video games Prisoners' Dilemma: Prisoners' dilemma is a game in economics where the Nash Equilibrium is not Pareto efficient. The game has a dominant strategy equilibrium, in which the joint payoff to the.

What is the Nash Equilibrium? Definition and Meaning

Nash equilibrium and the Prisoner's Dilemma The Final Wage

The Prisoner´s dilemma was first formalized and discussed by Meryll Flood and Melvin Dresher (1950). The story behind it is explained as follow: Two people committed a crime together. Isolated from each other, both are interrogated by the prosecutor. Both have the possibility either to confess or to deny the crime. The penalty of both people will dependent on their own decision, as well as on. Prisoner's dilemma and Nash Equilibrium Alice and Bob were just caught transferring state secrets (darn those bad generators!). Now, sadly, they face prison time. Separated into 2 rooms, homeland security tries to get them to confess. They are each told (independently) that if they both confess, they will be put in prison for 3 years. If one confesses and the other does not, the confessor.

Nash equilibrium - Wikipedi

John Nash won the Nobel Prize in Economics in 1994 along with other two game theorists. Definition: A Nash Equilibrium is achieved when no single player can obtain a higher payoff by deviating unilaterally from the chosen strategy. Payoff Matrix of Prisoner's Dilemma. Table 1 shows the payoff matrix of this game Nash Equilibrium on the Prisoner's Dilemma problem Joshua Bezaleel Abednego / 135120131 Program Studi Teknik Informatika Sekolah Teknik Elektro dan Informatika Institut Teknologi Bandung, Jl. Ganesha 10 Bandung 40132, Indonesia 113512013@std.stei.itb.ac.id Abstract—Game theory is one of the applications in discrete mathematics focusing on the decision making process and analysis of. Nash equilibrium. Indeed, one of the first responses to Nash's definition of equilibrium gave rise to one of the best known models in the social sciences, the Prisoners' Dilemma. This model began life as a simple experiment conducted in January 1950 at the Rand Corporation by mathematicians Melvin Dresher and Merrill Flood, to demonstrate.

About Nash Equilibrium - Assignment Point

Prisoner's dilemma Policonomic

In other words, every Prisoner Agent will do conjectures about other agents strategies and make the best choice (with highest profit value) for him, ensuring that every other agent does not have other strategies with highest profit u(x), moving on all matrix and following Nash Equilibrium solutions for Dilemma Prisoner's problem So for the Prisoner's Dilemma Nash Equilibrium would be {Defect, Defect}. As we have seen in the analysis each player has a dominant strategy of defecting which also happens to be the best response for each player, so nash equilibrium would be both players defecting. Difference between Dominant Strategy & Nash Equilibrium . a i is a (weakly) dominant strategy for i: u i (a i, a-i ) ≥ u i.

Nash Equilibrium - Meaning, Examples, Applications and Mor

The Nash equilibria are at Stag/Stag and Hare/Hare, and Stag/Stag is socially optimal. Hare/Hare might be the worst possible social result, though I think this game is usually described with $2Z > Y + X$.. Nash Equilibrium (N.E) is a general solution concept in Game Theory. N.E is a state of game when any player does not want to deviate from the strategy she is playing because she cannot do so profitably. So, no players wants to deviate from the strategy that they are playing given that others don't change their strategy. Thus, it is a mutually enforcing kind of strategy profile The Nash equilibrium is a concept of game theory where the optimal outcome of a game is one where no player has an incentive to change his chosen strategy after considering an opponent's choice. The behaviour of rival firms can be represented by prisoner's dilemma: Suppose there are two firms, American Airlines and Indian Airlines, as shown by the matrix below: The payoff matrix. Therefore, \(\text{(CONF, CONF)}\) is a Nash Equilibrium, and the only one Nash Equilibrium in the Prisoner's Dilemma game. Note that in the Prisoner's Dilemma game, the Equilibrium in Dominant Strategies is also a Nash Equilibrium. Advertising Game. In this advertising game, two computer software firms (Microsoft and Apple) decide whether to advertise or not. The outcomes depend on their.

game theory - Nash equilibrium unique in repeated prisonerMicroEconomics: Game Theory - BrainMass

Gefangenendilemma - Wikipedi

Prisoner's Dilemma. A popular game used to exemplify the Nash equilibrium is the prisoners dilemma. A prisoners dilemma is a scenario in which there are two criminals kept in different custodies and both have no means to talk to each other. Due to lack of evidence by the prosecutor, the prosecutor meet each of the prisoners and tells them to betray each other or tells one not to talk about the. Nash Equilibrium Example Prisoner Dilema. The prisoner's dilemma is a common example of the Nash equilibrium. There are two criminals who have been arrested, but the prosecutors have little evidence against them. They separate both criminals into their own cell and ask them to confess. In return, the prosecutors wont press charges and they will be allowed to go free. However, if the other. For the Prisoner's Dilemma, the minimum payoff of player isupported by a Nash equilibrium is u i (D, D). Player . j . can ensure (by choosing . D) that player . i 's payoff does not exceed . u. i (D, D), and there is no lower payoff with this property. Hence, u. i (D, D) is the lowest payoff that player . j . can force upon player . i prisoner's dilemma. (C, C) is a solution obtained by eliminating strictly dominant strategies (or by playing strictly dominant strategies). Such an outcome presents the characteristics attributed to Nash equilibrium (C, C). We will later discuss these characteristics in depth. Nevertheless, we can note the following. In the case of the prisoner's dilemma, it is preferable for both players.

Frontiers | No Strategy Can Win in the Repeated Prisoner'sNash equilibrium formulaHow to find a Nash equilibrium: Example 1 - YouTubePPT - 제 9 장 게임이론과 전략적 행동 PowerPoint Presentation - ID:6096265

The prisoner's dilemma shows why two individuals might not cooperate, even if it is collectively in their best interest to do so. Learning Objective . Analyze the prisoner's dilemma using the concepts of strategic dominance, Pareto optimality, and Nash equilibria. Key Points. In the game, two criminals are arrested and imprisoned. Each criminal must decide whether he will cooperate with or. Tit-for- Prisoner's Dilemma Game Nash Dominant Payoff Strategy Matrix tat Definition Equilibrium Strategy Collusion A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again The event that occurs when agents in a game form an agreement about which strategies to implement A case in which individually rational behavior leads. Note that being in equilibrium does not necessarily mean the best cumulative payoff for all the players involved; sometimes players might improve their payoffs if they could somehow agree on strategies different from the Nash equilibrium. The Prisoners' Dilemma scenario provides an excellent example of this scenario

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