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:
- one off circumstances
- repeated circumstances
While there may be no optimal solution for one off circumstances, the proposed solution to repeated circumstances is 90% tit for tat
What I mean by that is:
- Always start by cooperating
- Randomize response ( cooperate or defect) in repeated circumstances – up to 90%
- this means that we may choose to cooperate the second time even though the other party defects the first time
Why?
In repeated scenarios, we could do one of the followings
- always cooperate
- always defect
- cooperate/defect first then follow the last response of the other party
- 90% tit for tat
The problem with #3 is that we may get into a vicious defect defect scenario and obviously we will be worse off than 90% tit for tat strategy
What this means is that we may choose to be more forgiving in the first instance.
In the long run, we will be indeed better off.
p/s: suggested reading: Prisoner’s Dilemma by William Poundstone
13 replies on “What is 90% tit-for-tat?”
[…] is the optimal solution? Continue to Part 2: What is 90% […]
Great – I should certainly pronounce, impressed with your website.I had no trouble navigating through all the tabs as well as related info ended up being truly easy to do to access.I recently found what I hoped for before you know it at all.Quite unusual.Is likely to appreciate it for those who add forums or something, website theme .a tones way for your customer to communicate.Excellent task
Thanks for taking the time to debate this, I feel strongly about it and love studying extra on this topic. If doable, as you gain experience, would you thoughts updating your blog with additional info? This can be very useful for me.
hello, sure. thats esactly what i plan to do – updating the posts as i age/gain more experience
in the meantime, assuming you like game theory, you may want to check out a book called Prisoner’s Dilemma by William Poundstone
have a nice day mate
Really like your web sites details! Undoubtedly a wonderful supply of data that’s extremely helpful. Keep it up to carry publishing and that i’m gonna proceed reading by way of! Cheers.
Hello There.I found your blog using msn.This is an extremely well written article.I will be sure to bookmark it and come back to read more of your useful information.Thanks for the post.I will definitely comeback
I think this is among the most important info for me.And i’m glad reading your article.But want to remark on few general things, The web site style is ideal, the articles is really nice : D.Good job, cheers
I wished to thanks for this nice read!! I definitely enjoying each little bit of it I’ve you bookmarked to check out new stuff you put up
Thanks for the sensible critique.Me and my neighbor were just preparing to do a little research about this.We got a grab a book from our area library but I think I learned more from this post.I’m very glad to see such magnificent information being shared freely out there
Good website! I really love how it is easy on my eyes and the data are well written.I am wondering how I could be notified when a new post has been made.I’ve subscribed to your RSS feed which must do the trick! Have a great day!
What i discover difficult is to discover a blog that may capture me for a minute however your weblog is different. Bravo.
I’m delighted that I have noticed this weblog. Lastly anything not a junk, which we undergo extremely frequently. The website is lovingly serviced and saved as much as date. So it need to be, thank you for sharing this with us.
Wonderful goods from you, man.I have understand your stuff previous to and you’re just too magnificent.I actually like what you’ve acquired here, really like what you’re saying and the way in which you say it.You make it enjoyable and you still take care of to keep it sensible.I cant wait to read much more from you.This is really a terrific website