prisoner's dilemma
/ˌprɪzənərz dɪˈlemə/
a game where rational self-interest leads to worse collective outcomes
prisoner's dilemma in a sentence
“Price wars exemplify the prisoner's dilemma in business.”
Origin of prisoner's dilemma
Coined by Albert Tucker (1950) as a thought experiment
Related Words
minimax
a strategy minimizing the maximum possible loss
mixed strategy
a strategy involving randomization among possible moves
information asymmetry
a situation where some players have more information than others
game theory
the study of mathematical models of strategic interaction
Nash equilibrium
a state where no player benefits by unilaterally changing strategy
payoff
the reward or outcome a player receives from a strategy