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Prisoner's dilemma is perhaps the most well known game from the game theory.

Photo #1 from Fremont, United States of America by Philo 0316 made on 2018-04-15 05:05 for Sola

The basic premise is that if you and your partner cannot communicate with each other, and you must decide whether or not to betray your partner, while your partner makes the same decision.

When you only look at it from your perspective, the rational thing to do is to betray your partner.

If you betray them and if your partner doesn't, then you get better rewards than had you not betrayed them. Same applies if your partner betrays you.

But when you consider your partner as well, it becomes clear that the best outcome is when both of you work together, and don't betray one another. And this is why this seemingly simple problem is, in reality, a complex dilemma. And we can observe variants of prisoner's dilemma-like scenario in nearly every aspect of the world, and with many variants, this thought experiment has helped us better understand how the world works.

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United States of America, Fremont
9 comments
ninaapril77
Well explained! Thank you
Flexo πŸ€–πŸ“
Snitches get stitches!
2
Human-ITy
& it tends to be the one who promotes this that snitches.
Philo 0316Author
That is actually one of the solutions to the prisoner's dilemma! By adding additional punishment to betrayal, the players are further disincentivized from betraying one another. I was planning to have another card about this topic.
Enes πŸ”₯πŸ”₯πŸŽ†πŸŽ†
I love it! Very very interesting. I have to think about this one later again. πŸ˜„πŸ˜„
Ghost
Nice graphic and explanation. Good card.
Hanover Fiste
A similar game with the same name also works in economics where 2 companies agree to fix a price (say, coke and Pepsi agree to raise the price by 50 cents) but one betrays the other and steals market share. They will never fully trust each other.
Philo 0316Author
That is one real life example! I want to do a series on this now and cover these topics.
Hanover Fiste
Philo 0316, I love a good series!
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