Complete Your Homework on Prisoners Dilemma with Ease
In social science, an extremely popular strategy game is the prisoners dilemma. This game provides an understanding of how competition and cooperation balances in politics, business or in social settings. Students are often looking for prisoners dilemma homework answers online, and we can provide exactly that at myhomeworkhelp.com. Our tutors can help you out with any topic in game theory.
What is the prisoners dilemma?
In game theory, the prisoners dilemma is a traditional game that is analysed. The game revolves around the situation in which two suspects have been arrested by the police and are being interrogated in different rooms. Both the suspects are given the option to confess or stay silent. Confessing would implicate the other suspect. Regardless of what the other suspect decides to do, confessing would help the suspects improve their own positions.
In your prisoners dilemma assignment answers, you need to clearly state the possible outcomes and its effect on each of the suspects. If both the suspects stay silent, they both get imprisoned for a certain period. However, if one of them confesses and the other doesn’t, the suspect who doesn’t confess gets a harsh prison sentence. In that case, the confessing suspect would be able to get a favourable treatment.
Therefore, in this game of strategy, confessing is clearly the dominant strategy for both the suspects. However, if both of them confess, they receive and even harsher punishment than they would if both stayed silent. When you seek assistance from our experts, the entire situation and all the possible outcomes would be explained in details. That would help you a lot in properly framing your prisoners dilemma homework answers.
Applications of pirsoners dilemma
There are applications of the prisoners dilemma in business and economics. For instance, you can consider 2 firms that sell similar products. The firms would have to choose a pricing strategy for their products. Both the firms are likely to make a decent profit if they both keep high pricing, as they would exploit the market in the same way.
However, if one of the firms charges a low price and the other doesn’t, it is likely to win some customers from the other firm. This would mean that the firm would make higher profit than its competitors. If both keep low pricing, they would end up making similar profits, although that would be lower than what they would make if they both kept high price. This situation is similar to both the suspects refusing to confess and staying silent.
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