Game theory-payoff matrix for one-shot prisoners dilemma

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Game Theory

1. Draw a payoff matrix for the one-shot prisoners' dilemma (one-shot PD); where the four payoffs (T, R, P, S) = (12, 10, 5, 3), and Ci means player i chooses to cooperate (C) and Di means player i defects (D), for i = 1, 2.

2. Draw a graph of player i's expected payoff line that results from player i choosing to cooperate, and the expected payoff line from choosing to defect; as the other player j’s probability of choosing to cooperate varies from 0 to 1. Explain why this diagram implies it is still a dominant strategy for player i to always defect even when player j can choose to randomly cooperate with any probability from 0 to 1.

Reference no: EM131430968

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Game theory-payoff matrix for one-shot prisoners dilemma : Draw a payoff matrix for the one-shot prisoners' dilemma (one-shot PD); where the four payoffs (T, R, P, S) = (12, 10, 5, 3), and Ci means player i chooses to cooperate (C) and Di means player i defects (D), for i = 1, 2.

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