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Journal of Policy Analysis and Management
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Lecture note in ECN
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The Prisoner’s Dilemma (PD) is a game whose Nash equilibrium is not Pareto efficient. The sheer perversity of the interaction involved in the PD has bewildered game theorists and social scientists alike. Despite the fact that players could be better off by jointly cooperating, they have individually a dominant strategy for defection that carries out a suboptimal outcome for everyone. This article explores and assesses this result, contrasting one-shot and repeated interactions.
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Journal of Social & Organizational Matters
This article introduces a strategic decision-game theoretic approach, the Pardoner's Dilemma, and juxtaposes it with the Prisoner's Dilemma. Game theory has emerged as a significant approach in the twentieth century for explaining strategic decision-making in numerous arenas, including economics, business, politics, ethics, international relations, biology, law, and war studies. 'Game theory' explains how and why players/actors/agents cooperate or conflict to procure their self-interests in a social world. Life is a game, and human, corporate, and artificial intelligent agents are players who play different games to maximise utility or minimise disutility. The Prisoner's Dilemma is a promising game-theoretic approach that explains strategic decision-making in zero-sum and non-zero-sum games. 'Strategic decision-making' means that the outcome does not depend upon the actions of a player but upon all players. There are numerous essential game strategies, including tossing, negotiation, bargaining, balloting, competition, chance, power, and arbitration. Although the Prisoner's Dilemma is a good gametheoretic approach, it does not allow players to use the key game strategies. In contrast, Pardoner's Dilemma is a game theoretic approach that not only explains zero-sum and non-zero-sum games but also allows the players to use different game strategies, such as negotiation, bargaining, tossing, chance, balloting, competition, arbitration, and power. The article develops and defends the Pardoner's Dilemma in the game-theoretic approach as an alternative to the Prisoner's Dilemma. The article claims that the Pardoner's Dilemma is a more promising approach than the Prisoner's Dilemma in the decisiongame theoretic framework. By introducing the Pardoner's Dilemma, the article enhances the scope of decision/game theory in social sciences.
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Psychonomic Bulletin & Review
