What is 90% tit-for-tat?

We talked about game theory and the prisoner’s dilemma in the previous post (Click here for Part 1: Game theory in 5 minutes). The implication is real and thus it is vital that we understand the best approach to adopt in such situations

Recall that the problem with the prisoner’s dilemma is that one’s action is dependent on the other party’s action. Obviously the problem is we don’t know what’s the other person’s action is going to be! If only!

There are 2 distinctive scenarios here:

  1. one off circumstances
  2. repeated circumstances

Continue reading What is 90% tit-for-tat?

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