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Explain why repeated interactions tend to break down the solution of a prisoner’s dilemma. Why does the dilemma go away?
Economics:
Economics:
Explain why repeated interactions tend to break down the solution of a prisoner’s dilemma. Why does the dilemma go away?
To explain:
The reason for breakdown of the solution to a prisoner's dilemma and the reasons the dilemma goes away.
Explanation of Solution
In a game theory, prisoners' dilemma is a situation where two prisoners, arrested for a crime, have two strategies-to confess and to not confess.
An example of pay-off matrix showing number of years in prison is shown below:
The Nash equilibrium is found out as follows:
If A chooses to confess, the best response for B is to confess.
If A chooses to not confess, the best response for B is to not confess.
If B chooses to confess, the best response for A is to confess...
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