Meaning of “Prisoner’s dilemma” and the nature of the strategies used by the players.

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Chapter 13, Problem 3Q

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Meaning of “Prisoner’s dilemma” and the nature of the strategies used by the players.

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Is the solution to the prisoner’s dilemma game a Nash equilibrium? Why? The solution to the prisoner’s dilemma game is a Nash equilibrium because no player can improve his or her payoff by changing strategy unilaterally. The solution to the prisoner’s dilemma game is not a Nash equilibrium because players do not end up in the best combination for both. The solution to the prisoner’s dilemma game is not a Nash equilibrium because both players can improve their payoffs by cooperating. The solution to the prisoner’s dilemma game is a Nash equilibrium because it is a noncooperative game in which both players have to expect that the other is purely selfish.

Consider a game with two players who cannot communicate, and in which each player is asked a question. The players can answer the question honestly or lie. If both answer honestly, each receives $100. If one player answers honestly and the other lies, the liar receives $500 and the honest player gets nothing. If both lie, then each receives $50. a) Describe the strategies and payoffs of this game b) Construct the payoff matrix c) Compare this game to the prisoners' dilemma. Are the two games similar or different? Briefly explain your answer.

Consider the following four games where players Row and Column each have two strategies: A and B. Which of the following games illustrates a prisoners’ dilemma?