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Tit for Tat pricing

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

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

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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. ...

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