Lessons Learned


  • In a prisoners’ dilemma game, competition will harm both players. The players would be better off if they worked together, but if the game is played only one time, then self-interest will always force them into ruinous competition.

  • In a repeated prisoners’ dilemma game, the players might be able to work together to achieve a good outcome. Hidden actions, short time horizons, and last period problems might still make cooperation impossible, however.

  • If your suppliers are charging you high prices, you could benefit from creating a prisoners’ dilemma.




Game Theory at Work(c) How to Use Game Theory to Outthink and Outmaneuver Your Competition
Game Theory at Work(c) How to Use Game Theory to Outthink and Outmaneuver Your Competition
ISBN: N/A
EAN: N/A
Year: 2005
Pages: 260

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