Category: Game Theory
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Belling the Cat (The Mice in Council)
A community of mice is terrorized by a marauding house cat that pounces on them stealthily. Desperate to find a solution, the mice convene a council to discuss how to protect themselves. Many ideas are debated. Finally, a young mouse proposes a bold plan: hang a bell around the cat’s neck. That way, the bell…
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Significant Paradoxes: Decision Theory and Game Theory
52 Prisoner’s Dilemma Two accomplices are interrogated separately. Each may Co-operate (stay silent) or Defect (betray). Mutual co-operation yields 2 years each; mutual defection 5 years each; unilateral betrayal frees the defector and jails the co-operator for 10 years. Because defection strictly dominates, rational agents defect, landing at 5 + 5 instead of 2 +…