GAME THEORY
One of the most famous and most thoroughly studied examples of game theory is the Prisoner’s Dilemma. In this situation, the police have caught two people and charged them with a crime. The police separate the prisoners into different rooms and give them the option of confessing. The police tell the two prisoners that they have enough evidence of the crime to send them to jail for X amount of years. However, if one prisoner confesses fully to the crime and testifies against the other but the other doesn’t, then the prisoner who confessed will get get a much lighter sentence than X and the prisoner who did not confess will get a heavier sentence than X. However, if both of the prisoners confess and testify against the other, then the police have enough evidence to convict both prisoners for a slightly heavier sentence than X. Since neither of these prisoners knows what the other one is saying, we can use a decision tree to determine the dominant strategy for these people. (see figure A on attached sheet) In this dilemma, the dominant game strategy for the prisoners is to confess. Although the strategy for these games seems very predictable, there is a paradox that arises. The police are also a player in this game. T
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Some common words found in the essay are:
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Approximate Word count = 851
Approximate Pages = 3 (250 words per page double spaced)
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