Get Expert Assistance with the Concept of the Prisoner’s Dilemma
The Prisoner’s Dilemma is a very well-known concept of game that is analyzed by Game Theory. Students of Economics will definitely know about this concept. However, this topic requires a good knowledge and understanding of the matter. This is why it is recommended to get the Prisoner’s Dilemma assignment help that we provide. Before you learn about this concept, you should be well-versed with the topic of Game Theory in Economics
What is Game Theory?
Game Theory is described and discussed in Economics, and it is even done in Political Science, Psychology and Science, from individual perspectives of the fields. The formal study of the mathematical model of making decisions is known as Game Theory.
The concept of mixed strategy is highlighted by modern game theory. It is a completely rational concept, wherein the decision of a particular player can affect the interest and role of other players. Discovered by Melvin Dresher and Merrill flood, Prisoner’s Dilemma is also a concept falling under Game Theory. If you are interested in this particular concept of game in Economics, we offer you the Prisoner’s Dilemma homework help.
The concept of Prisoner’s Dilemma
In general terms, the concept, or you can say the dilemma, over here involves two individual prisoners. These prisoners were members of a certain criminal gang and they were caught by the police. However, they were confined separately. There are two options or offers available for both the prisoners. Each prisoner can opt to save himself through cheating on the other prisoner. Or, he can cooperate with the other prisoner by saying nothing to the police or prosecutors. Therefore, the two factors playing significant roles in this concept are cooperation and conflict.
The final outcome here is dependent on what both the prisoners decide to do. Through the Prisoner’s Dilemma assignment help, our experts at myhomeworkhelp.com will let you know about the probable scenarios that may result from the decision of the prisoners. They are:
- If both the prisoners decide to betray each other, both of them have to serve a sentence of two years in jail.
- If both of them opt to remain silent, they will have to serve 1 year in jail as punishment, with lesser charge.
- If one of the prisoners decide to betray the other, while the other one remains silent, the prisoner who betrays will be given freedom, while the one who remained silent will have to serve a sentence of 3 years in jail.
These scenarios make the concept very interesting and students will definitely enjoy learning about it.
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