Prisoner Dilemna.docx - Running Head PRISONER\u2019S DILEMMA GAME THEORY Prisoner\u2019s Dilemma Game Theory Name of Student Name of Institution Date 1

Prisoner Dilemna.docx - Running Head PRISONERu2019S...

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Running Head: PRISONER’S DILEMMA GAME THEORY 1 Prisoner’s Dilemma Game Theory Name of Student Name of Institution Date
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PRISONER’S DILEMMA GAME THEORY 2 The prisoner’s dilemma is the conception Melvin Dresher and Merrill Flood in 1950, and is a vital decision making tool following strategic assessment. The dilemma presents as a game theory paradox which illustrates the decision making pattern of two parties (Gracia-Lazaro, et al, 2012). The context presents a framework for analyzing the tendency to opt for either cooperation or competition and their resultant impacts. The game theory reiterates that acting in self-interest for a single party may lead into suboptimal results for either or both parties. The situation presented in the framework provides a platform for analysis of options, with the consideration that even the attractive strategies have a tendency to lead to worse results. Following the framework of the prisoner’s dilemma, the two parties have an implicit partnership. Their cooperation according to their agreement ensures mutual benefits to both
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  • Fall '19
  • Game Theory, National Academy of Sciences, Plotkin

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