A game where pursuing dominant strategies results in noncooperation that leaves everyone worse off is called a "prisoner's dilemma."
What is prisoner's dilemma?
A prisoner's dilemma is a decision-making paradox wherein two individuals working in their very own self-interest do not generate the best solution.
Some key features regarding the prisoner's dilemma are-
- The prisoner's dilemma is one in which individual decision-makers have an incentive to make choices that result in a suboptimal outcome again for individuals as a group.
- Individuals obtain the biggest payoffs inside the classical prisoner's dilemma if they betray their group rather than collaborate.
- Many elements of the economy are affected by the prisoner's dilemma.
- If the games are repeated, each player can create a strategy that promotes collaboration.
- People have devised numerous techniques for overcoming prisoner's dilemmas in order to pick better group outcomes despite seemingly adverse individual incentives.
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