Explore BrainMass
Share

Tit for Tat pricing

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

What is an easy to understand explanation of tit for tat pricing?

© BrainMass Inc. brainmass.com March 21, 2019, 1:41 pm ad1c9bdddf
https://brainmass.com/economics/finance/tit-for-tat-pricing-103174

Solution Preview

Definition: Tit-for-tat is a strategy in a repeated game (or a series of similar games). When a Prisoner's dilemma game is repeated between the same players, the tit-for-tat strategy is to choose the 'cooperate' action unless in the previous round, one's opponent chose to defect, in which case one responds by choosing to defect this round. ...

Solution Summary

Tit-for-tat is defined in user friendly terms.

$2.19