February 2013
Beginner
136 pages
3h 4m
English
Content preview from Game Theory
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By now you might have started to pick up some patterns in the games we looked at in Chapter 2. There are certain types of common game structures that we see, depending on the relationships between the payoffs in the payoff matrix. Let us discuss a few of these typical game types. Once you learn to recognize them, you will be able to quickly understand how the players are likely to behave.
3.1 The Prisoner’s Dilemma
The most famous type of game is called the “Prisoner’s Dilemma.” It is based on the common premise of many police dramas on television; however, it also occurs in real life. Two people are arrested and interrogated in separate rooms. They are suspected of having committed a major crime, say armed robbery, ...
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