C) Consider the following version of the prisoner’s dilemma game

Question

C) Consider the following version of the prisoner’s dilemma game:

Player Two

	Cooperate	Cheat
Cooperate	Rs.100, Rs. 100	Rs.0, Rs.120
Cheat	Rs.120, Rs.0	Rs.50, Rs.50

a) What is each player’s dominant strategy? Explain.

b) Explain the Nash equilibrium of the game.

28 Aug 2022

Answer :

Word Count : 357

a) In this version of the prisoner's dilemma game, each player's dominant strategy is to "Cheat". A dominant strategy is a strategy that provides the highest payoff for a player regardless of the other player's strategy.

In this case, if Player One cooperates, Player Two's best response is to cheat, as it provides a higher payoff of Rs. 120 as opposed to Rs. 100. Similarly, if Player One cheats, Player Two's ____ ________ _______ ___ ___ ___ _____ ________ _______ _______ ______ ________.
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