Prisoner's Dilemma (and What the Heck It Has to Do with Pricing)
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Prisoner’s Dilemma (and What the Heck It Has to Do with Pricing)

2017-04-06
Imagine this: you are arrested by the police for robbing a bank. You, of course, are innocent. They also arrest another person for the same crime. In the interrogation room, the police say, “We’ve caught your accomplice. You guys are in trouble. You should confess now to make your sentence easier.” Then they explain the possible sentences: • If both you and the other person confess, you each get three years in prison• If neither of you confesses, you each get one year in prison• If you conf...
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