As a result, a less than optimal or worse outcome occurs, which impacts both participants. This approach takes place such that it enables individuals or entities to understand that decisions made in self-interest are not always the best. However, Albert William Tucker, a Canadian mathematician, gave this paradox game theory situation its name. Consider the following scenario with two criminal suspects, A and B.
They are apprehended by the police and placed in two different rooms or cells. The cops, finding it hard to obtain confessions, try to trick them both with a deal. They ask them to confess defect or blame the other partner or cooperate to save themselves. In this situation, there are four possible outcomes:. These possible outcomes suggest that if both A and B decide to be selfish to avoid imprisonment, they will blame each other. As a result, they will have to face a jail term of three years each.
However, assuming that both will confess or defect without knowing that the other did the same will land each in prison for two years. On the other hand, if both suspects cooperate and remain silent, the imprisonment tenure would only be one year. Communication makes decision-making easier and mutually beneficial. The possible outcomes help companies determine the best solution to problems that arise. Unfortunately, in this approach, the two parties do not get the opportunity to share their perspectives on the matter.
To make sure one remains ahead of the other, they try to figure out ways to improve their sales. Keeping into consideration the events expected to occur, the possible outcomes could be:.
The best thing for both brands to keep up with the competition would be not to advertise their products. However, as individual parties, they would find it more relevant to focus on their self-interests. Hence, both will promote their products even if the other brand is not doing so. They finally decide on whether they would be advertising their products. Today, every country wants to minimize the environmental damage due to pollution and global warming.
However, cooperation needs to come from every economy around the world. Any of these environmental decisions will directly impact the global economy. The reason is that natural resources, such as minerals and fossil fuels, act as a direct input into industrial production.
It is because the effectiveness of vaccination is highly dependent on individual choices. They also highlight the cooperation and defect proportion in this scenario.
The research shows how the rate of infected people can reduce if everyone around the globe cooperates and follows the public health guidelines, including wearing masks, maintaining social distance, washing hands frequently, and staying at home. They hope to get both sentenced to a year in prison on a lesser charge. Simultaneously, the prosecutors offer each prisoner a bargain. Each prisoner is given the opportunity either to: betray the other by testifying that the other committed the crime, or to cooperate with the other by remaining silent.
By analyzing the table, we can see that: You are always punished less for choosing to betray the other person. However, as a group, both of you fare better by cooperating remaining silent. Think over the above statement for a while. Should one cooperate or betray? Even if the best solution would be both the prisoners cooperating with each other, but due to uncertainty on each other both of them betray each other getting a lesser optimum solution.
This can be observed in may real-life cases like: A pair working on a project. You do best if your competitor does all the work since you get the same grade.
But if neither of you does the work, you both fail. But if one company outspends the other, they will receive a benefit. Just keep looking around in this beautiful world. This article is contributed by Aditya Nihal Kumar Singh. If you like GeeksforGeeks and would like to contribute, you can also write an article using contribute. See your article appearing on the GeeksforGeeks main page and help other Geeks. Please write comments if you find anything incorrect, or you want to share more information about the topic discussed above.
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