From the following pay-off matrix, where the payoffs (the negative values) are the years of possible imprisonment for individuals A and B, determine: (i) The optimal strategy for each individual. (ii) Do individuals A and B face a prisoner’s dilemma?
Introduction The Prisoner’s Dilemma is one of the most famous examples in game theory that demonstrates how two individuals may not cooperate, even if it is in their best interest to do so. In this question, we are given a payoff matrix with the number of years in prison that individuals A and B might […]