POL 003 - DiscussionPOL003 00:13

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Discussion POL 003 00:13 Game theory -approach that attempts to mathematically capture behavior in  strategic situations in which an individual’s success in making choices depends  on the choices of others. Actors make choices between actions that they expect will lead to certain  outcomes  Actors have complete and transitive preferences over outcomes Actors choices are rational Prisoner’s Dilemma Core Concepts Dominant strategy-best result Dominated strategy-worst result Nash equilibrium-when all players play dominant strategy Simultaneous game Prisoner’s dilemma In a single-shot game the prediction is “defect-defect” outcome In the iterated PR game, each player has the possibility of punishing the other  player for non cooperative behavior. Cooperation may the arise as an equilibrium  outcome Reciprocity of tit-for tat is the key to cooperation
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POL 003 - DiscussionPOL003 00:13

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