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| Author: | Wilson, J. G. |
| Title: | Subjective probability and the prisoner's dilemma. |
| Journal: | Management Science
1986 : JAN, VOL. 32:1, p. 45-55 |
| Index terms: | GAME THEORY PROBABILITY |
| Language: | eng |
| Abstract: | The paradox involved in sequences of Prisoner's Dilemma games is due to the fact that game theoretic definitions of optimality rarely coincide with any natural meaning of the word. Decision makers should incorporate their beliefs and experience into any mathematical analysis of the games. Via subjective probabilities, use of the comparative move in iterated Prisoner's Dilemma games can often be justified. A simple algorithm is provided for determining an optimal strategy, once the decision maker's subjective probabilities have been specified. The subjective approach is viable alternative to more traditional methods. |
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