Playing for Real

“Measure twice because you can only cut once.” (Unknown source)



“Obstacles are things people see when they take their eyes off the goal.” (Robert Thorpe)



Game theorists argue that it would be unwise for Adam to trust Eve's word if they were about to play the Prisoners' Dilemma. He should get her signature on a legally binding contract before counting on her cooperation. However, the games we play with those we trust are much more complicated. An important assumption built into the Prisoners' Dilemma is that the players will never interact again. If Adam and Eve believed they might meet in the future to play again, they would have to take into account the impact that their choice of dove or hawk in the present might have on the choices their opponent might make in the future. The Prisoners' Dilemma is therefore not capable of modelling long-term relationships in which a player's reputation for honesty can be very valuable-and easily lost.

Ken Binmore, (2007), Playing for Real, Oxford, OUP, p. 22 QA269B475