Discuss the meaning of 'COMPLETE INFORMATION' in the context of the 'Prisoner's Dilemma'.

Expert Solution

Answer:

What is prisoner’s dilemma?

The prisoner's dilemma is a paradox in decision analysis in which two individuals acting in their own self-interests do not produce the optimal outcome. The typical prisoner's dilemma is set up in such a way that both parties select to defend themselves at the cost of the other member.
It is a condition in which two players each have two options whose consequence depends critically on the simultaneous choice made by the other, often expressed in terms of two prisoners distinctly determining whether to confess to a crime or remain silent.

Complete information:

Game theory is the procedure of demonstrating the strategic dealings between two or more players in a situation covering set guidelines and results. Complete information and incomplete information are terms widely used in economics, especially in game theory. complete information means when each agent knows the other agent’s utility function and the rules of the game. It is a situation where each player of the game is fully aware of the rules of the game. This is a central assumption of the game theory. Complete information, understood as the situation where “each player is fully aware of the rules of the game and the utility functions of each of the players”, is a central assumption of game theory.

Rahul Sunny answered 1 month ago

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