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Journal of Policy Analysis and Management
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Lecture note in ECN
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The Prisoner’s Dilemma (PD) is a game whose Nash equilibrium is not Pareto efficient. The sheer perversity of the interaction involved in the PD has bewildered game theorists and social scientists alike. Despite the fact that players could be better off by jointly cooperating, they have individually a dominant strategy for defection that carries out a suboptimal outcome for everyone. This article explores and assesses this result, contrasting one-shot and repeated interactions.
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Psychonomic Bulletin & Review
