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Tit for tat is a game-theory strategy subject to a payoff matrix like that of a prisoner's dilemma. Tit for tat was introduced by Anatol Rapoport, who developed a strategy in which each participant in an iterated prisoner's dilemma follows a course of action consistent with his Tit for tat law previous turn.

For example, if provoked, a player subsequently responds with retaliation; if unprovoked, the player cooperates. The tit-for-tat strategy is not exclusive to economics. It is used in many fields, including psychology and sociology.

In biology, it is likened to reciprocal altruism. Tit for tat is a strategy that can be implemented in games with repeated moves or in a series of similar games. The concept revolves around game theoryan economic framework Tit for tat law explains how humans interact with each other in competitive environments. There are two types of game theory: cooperative game theory and uncooperative game theory.

Cooperative game theory involves participants negotiating and cooperating to achieve the best outcome. Non-cooperative game theory involves no negotiation or cooperation between opposing parties. Tit for tat posits that a person is more successful if he cooperates with Tit for tat law person.

Implementing a tit-for-tat strategy occurs when one agent cooperates with another agent in the very first interaction and then mimics their subsequent moves. This strategy is based on the concepts of retaliation and altruism.

When faced with a dilemma, an individual Tit for tat law when another member has an immediate history of Tit for tat law and defaults when the counterparty previously defaulted. The prisoner's dilemma is a famous economic scenario used to explain the field of social science. It helps show people the balance between cooperation and competition in business, politics, and general social settings.

In the traditional version of the game, two individuals are arrested and presented with a dilemma. If both confess, they each serve five years in jail. If Hot brunette jeans ass 1 confesses and Prisoner 2 does not, Prisoner 2 serves seven years and Prisoner 1 goes free.

If both agents do not confess, they each serve three years. The tit-for-tat strategy is to start with cooperation and not confess, assuming the other agent follows suit. For example, two competing economies can use a tit-for-tat strategy so that both participants benefit. One economy starts with cooperation by not imposing import tariffs on the other economy's goods and services to induce good behavior. The idea is the second economy responds by also choosing not to impose import tariffs.

If the second economy reacts by implementing tariffs, the first economy retaliates by implementing tariffs of its own to discourage the behavior. Tit for tat originated from the middle English phrase "tip-for-tap," which means blow-for-blow.

Tip for Tap was first used in the year Behavioral Economics. Business Essentials. Your Money. Personal Finance.

Your Tit for tat law. Popular Courses. Login Newsletters. Economics Behavioral Economics. What Is Tit for Tat? Key Takeaways Tit for tat is a game-theory strategy in which each participant mimics the action of their opponent after cooperating in the first round. Tit for tat can be used in games with repeated moves or in a series of similar games.

Tit for tat emphasizes that cooperation between participants Tit for tat law a more favorable outcome than Tit for tat law non-cooperative strategy. Compare Investment Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Terms How Game Theory Works Game theory is a framework for modeling scenarios in which conflicts of interest exist among the players.

Iterated Prisoner's Tit for tat law Definition Iterated prisoner's Tit for tat law is played repeatedly by the same participants, and helps players learn about the behavioral tendencies Hot girl gif nude their counterparty. Nash Equilibrium The Nash Equilibrium is a concept within game theory where the optimal outcome of a game is where there is no incentive to deviate from their initial strategy.

What is a Trade War? A trade war—a side effect of protectionism—happens when country A raises tariffs on country B's imports in retaliation for them raising tariffs on country A's imports. This continuing cycle of increased tariffs may lead to injuring the businesses and consumers of the involved nations, as the prices of goods increase due to increased import costs. Prisoner's Dilemma Definition The prisoner's dilemma is a paradox in decision analysis in which two individuals acting in their own self-interests do not produce the optimal outcome.

Brexit Definition Tit for tat law refers to Britain's leaving the European Union, which was slated to happen at the end of October, but has been delayed again.

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