Game theory has the prisoner’s dilemma as one of its most popular examples, whose implications occur in diverse fields of study be it business management and psychology or advertisements and sports.
The solitary interrogation of the prisoners who have been caught red-handed, gives them two choices: to remain silent or to betray. Each of them would choose the best for themselves i.e. to betray. Surprisingly, betrayal by both the prisoners leads to a worse result than if both decided to remain silent. Nevertheless, the other side of the coin also shows that mutual cooperation yields a better outcome.
So, what should be the prisoners’ choice? Should they deceive or should they cooperate?
Watch the video to know more.