Game Theory by 50MINUTES.COM

Author:50MINUTES.COM
Language: eng
Format: epub
Publisher: 50Minutes.com
Published: 2017-02-27T16:00:00+00:00

Prisoner’s dilemma

Several concepts in game theory can be studied through one example, the prisoner’s dilemma. The first version of the prisoner’s dilemma was presented by researchers from the RAND Corporation (the Research and Development department of the US Air Force created in 1945) in 1950. It helps to explain the arms race, but also the process of nuclear disarmament.

The story behind prisoner’s dilemma

Two thieves are arrested by the police and interrogated separately. The police are convinced that they are guilty, but do not yet have sufficient evidence to issue a long prison sentence. Between them, before the arrest, the thieves vowed not to betray one another. The police, who want more than anything to make the two men confess, promise freedom to the person who speaks, if they are the only one to do so. Hence a dilemma arises: on the one hand, the prisoners know that they will only suffer a small penalty if they do not confess to the police. On the other hand, both are individually tempted to confess the crime to gain freedom.

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