Question: Two players play the following prisoner’s dilemma game repeatedly. Suppose that L=2, D=5, C=8, and H=11. The one period interest rate is…
Question:
Two players play the following prisoner’s dilemma game repeatedly. Suppose that L=2, D=5, C=8, and H=11. The one period interest rate is r=6%. At the beginning of each period, the two play the game with probability p.
(a) Describe the tit-for-tat for a player in this game.
(b) Suppose that p=0.6, If Row plays the tit-for-tat strategy, will they always cooperate in the Nash equilibrium?
(c) Suppose that p=0.8, If Row plays the tit-for-tat strategy, will they always cooperate in the Nash equilibrium?
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