Rational cooperation in the finitely repeated prisoners' dilemma
Abstract
A common observation in experiments involving finite repetition of the prisoners' dilemma is that players do not always play the single-period dominant strategies (“finking”), but instead achieve some measure of cooperation. Yet finking at each stage is the only Nash equilibrium in the finitely repeated game. We show here how incomplete information about one or both players' options, motivation or behavior can explain the observed cooperation....
Paper Details
Title
Rational cooperation in the finitely repeated prisoners' dilemma
Published Date
Aug 1, 1982
Journal
Volume
27
Issue
2
Pages
245 - 252
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