Prisoner's dilemma

The prisoners' dilemma is a canonical example of a game analyzed in game theory that shows why two individuals might not cooperate, even if it appears that it is in their best interests to do so. It was originally framed by Merrill Flood and Melvin Dresher working at RAND in 1950. Albert W. Tucker formalized the game with prison sentence rewards and gave it the name "prisoner's dilemma" (Poundstone, 1992), presenting it as follows: Two members of a criminal gang are arrested and imprisoned. It's implied that the prisoners will have no opportunity to reward or punish their partner other than the prison sentences they get, and that their decision won't affect their reputation in future. There is also an extended "iterative" version of the game, where the classic game is played over and over between the same prisoners, and consequently, both prisoners continuously have an opportunity to penalize the other for previous decisions. Strategy for the classic prisoners' dilemma[edit] Nice

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