Tit-for-Tat or Win-Stay, Lose-Shift?
The repeated Prisoner's Dilemma is usually known as a story of tit-for-tat (TFT). This remarkable strategy has won both of Robert Axelrod's tournaments. TFT does whatever the opponent has done in the previous round. It will cooperate if the opponent has cooperated, and it will defect if the opponent has defected. But TFT has two weaknesses: (i) it cannot correct mistakes (erroneous moves) and (ii) a population of TFT players is undermined by random drift when mutant strategies appear which play always-cooperate (ALLC). Another equally simple strategy called â€˜win-stay, lose-shiftâ€™ (WSLS) has neither of these two disadvantages. WSLS repeats the previous move if the resulting payoff has met its aspiration level and changes otherwise. Here, we use a novel approach of stochastic evolutionary game dynamics in finite populations to study mutationâ€“selection dynamics in the presence of erroneous moves. We compare four strategies: always-defect (ALLD), ALLC, TFT and WSLS. There are two possible outcomes: if the benefit of cooperation is below a critical value then ALLD is selected; if the benefit of cooperation is above this critical value then WSLS is selected. TFT is never selected in this evolutionary process, but lowers the selection threshold for WSLS.
|Date of creation:||2007|
|Date of revision:|
|Publication status:||Published in Journal of Theoretical Biology|
|Contact details of provider:|| Postal: Littauer Center, Cambridge, MA 02138|
Web page: http://www.economics.harvard.edu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Drew Fudenberg & David K. Levine, 1998.
"The Theory of Learning in Games,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262061945, December.
- D. Fudenberg & E. Maskin, 2010.
"Evolution and Cooperation in Noisy Repeated Games,"
Levine's Working Paper Archive
546, David K. Levine.
- Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
When requesting a correction, please mention this item's handle: RePEc:hrv:faseco:3200671. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Office for Scholarly Communication)
If references are entirely missing, you can add them using this form.