A prisoners’ dilemma refers to a type of economic game in which the Nash equilibrium is such that both players are worse off even though they both select their optimal strategies.. Game theory has been applied to a number of disciplines, including economics, law, politics, sociology, and Bible studies, but this article is the first serious attempt to apply it to the Book of Mormon narrative. https://www.khanacademy.org/.../v/prisoners-dilemma-and-nash-equilibrium Part of Mike Shor's lecture notes for a course in Game Theory. Interactive repeated prisoner's dilemma at Game Theory.net. The prisoner’s dilemma is a popular introductory example of a game analyzed in game theory that demonstrates why “rational” individuals are unlikely to cooperate, even when it could be in both of their best interests to do so, a win-win scenario. They can, […] Each prisoner is in solitary confinement with no means of communicating with the other. Prisoners Dilemma definition at Game Theory .net. The Prisoners’ Dilemma The most widely used application of game theory is “The Prisoners’ Dilemma.” This “game” begins with two accused bank robbers. The prisoner’s dilemma in Game theory Last Updated: 16-06-2020. Two members of a criminal gang are arrested and imprisoned. The prisoner’s dilemma (Gefangenendilemma) as a central component of the Game Theory (Spieltheorie)? The prisoners’ dilemma is a classic example of a game which involves two suspects, say P and Q, arrested by police and who must decide whether to confess or not. The prosecutors lack sufficient evidence to convict the pair on the principal charge. For those who do not know what it is about, here is a short description of the so-called cover story: Two gangsters (G1 and G2) committed a crime together. Game theory has real-world analogues in finance, and we will explore its application in mergers and acquisitions. 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