Iterated Prisoner's Dilemma
Definition of 'Iterated Prisoner's Dilemma'A normal prisoner's dilemma played repeatedly by the same participants. An iterated prisoner's dilemma differs from the original concept of a prisoner's dilemma because participants can learn about the behavioral tendencies of their counterparty. |
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Investopedia explains 'Iterated Prisoner's Dilemma'Since the game is repeated, one individual can formulate a strategy that does not follow the regular logical convention of an isolated round. "Tit for tat" is a common iterated prisoner's dilemma strategy. |
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