Why Is Tit-For-Tat Such an Effective Strategy for Inducing Cooperation

question 7

Essay

Why is tit-for-tat such an effective strategy for inducing cooperation in the prisoner's dilemma?

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Definitions:

Objective Value

The perceived worth of a good or service based on its ability to fulfill a need or want, as opposed to subjective personal preferences.

Opportunity Cost

The cost of foregone alternatives, representing the benefits that could have been received by choosing the next best alternative.

Subjective Values

The personal importance or worth that an individual places on a good or service, which can vary greatly between people.

Time Costs

The opportunity costs associated with the time spent on an activity instead of other, potentially more valuable, activities.