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Game Theory: Prisoner's Dilemma

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luella irvin

on 28 September 2012

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Transcript of Game Theory: Prisoner's Dilemma

Prisoner's Dilemma in Business What is Game Theory? Team Dynamics Game Theory:
The Prisoners Dilemma Peer Grading Victor Sanabria
Scott Cochran
Luella Irvin
Kelly Reed Group 5 Tide v.s Gain Detergents
If both Tide and Gain set there prices low =lower profits for both
If Tide raises there prices then Tide makes more profit than Gain and vice versa
If both Tide and Gain set there prices high =higher profits for both Business Example Cooperation Game Theory-
Game theory is a distinct and interdisciplinary approach to the study of human behavior. The disciplines most involved in game theory are mathematics, economics and the other social and behavioral sciences.
Study of Human Behavior
Examples
Mathematics
Economics
Social Behavior Sciences Behavioral Analysis Concepts
Prisoner’s Dilemma
Compared to->
Business
Team Dynamics
Peer Grading
Supporting Information
Goal: Fundamental Understanding of Game Theory Analysis Game Theory Analysis Behavioral Analysis
Prisoner’s Dilemma – silence or be a rat
Related to choices in
Business – Gain and Tide Prices
Team Dynamics – Team cooperation
Peer Grading – Good vs Bad scores
Self Interest
Game Theory Concepts Conclusion “Peer assessment is an arrangement in which individuals consider the amount , level, value, worth, quality or success of the products or outcomes of learning with peers of similar status” (Keith Topping 1995) Cooperation amongst team members requires trust
Both team members are needed to cooperate for the best results
If one team member is cooperative while the other is problematic results will suffer
If both team members are problematic then results will greatly suffer http://faculty.lebow.drexel.edu/McCainR//top/eco/game/intro.html

http://www.technologyreview.com/view/428920/the-emerging-revolution-in-game-theory/ References Topping, K. (1998) Peer Assessment between Students in Colleges and Universities.
Review of Educational Research, Vol. 68, No. 3 pp. 249-276 Peer grading should be fair and honest, but since its left in the hands of team members each member must trust the other members to give a truthful grade.

The honest approach where all members grade fairly.
The dishonest approach where one team member grades harshly in order to appear superior to their class mates.
The positive end of the dishonest approach where all students give everyone good grades out of fear of possible retaliation. http://www.spectacle.org/995/bus.html The prisoner's dilemma in business can be seen in:
How businesses price products
Market products,
Between employees and employers.
Take pricing strategies if both firms decide to cooperate on an equal price then it results in better profits for both companies. However, if one decides not to then one company suffers loss of profit.
An example of employees in a business would be if there were two sales people compete to be the best seller, but if they each cooperated then each would succeed.
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