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Tit for Tat pricing

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

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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