The Prisoners Dilemma - The Most Famous Problem in Game Theory

The Prisoner's Dilemma is the most famous problem in game theory, as it shows that individuals who make rational decisions might end up in an outcome that's worse for everyone in the group. In other words, individual rationality does not imply group rationality. Watch a higher quality version of this video:    • The Prisoner's Dilemma Explained in 2 Minutes   You can also read my blog posts about the prisoner's dilemma here: http://mindyourdecisions.com/blog/tag... Check out my book--"The Joy of Game Theory"--that covers the prisoner's dilemma game. It shows how you can use math to out-think your competition. (rated 4/5 stars on 23 reviews) https://www.amazon.com/gp/product/150... If you like my videos, you can support me at Patreon:   / mindyourdecisions   Connect on social media. I update each site when I have a new video or blog post, so you can follow me on whichever method is most convenient for you. My Blog: http://mindyourdecisions.com/blog/ Twitter:   / preshtalwalkar   Facebook:   / 168446714965   Google+: https://plus.google.com/1083366085665... Pinterest:   / preshtalwalkar   Tumblr:   / preshtalwalkar   Instagram:   / preshtalwalkar   Patreon:   / mindyourdecisions   Newsletter (sent about 2 times a year): http://eepurl.com/KvS0r My Books "The Joy of Game Theory" shows how you can use math to out-think your competition. (rated 4/5 stars on 23 reviews) https://www.amazon.com/gp/product/150... "The Irrationality Illusion: How To Make Smart Decisions And Overcome Bias" is a handbook that explains the many ways we are biased about decision-making and offers techniques to make smart decisions. (rated 5/5 stars on 1 review) https://www.amazon.com/gp/product/152... "Math Puzzles Volume 1" features classic brain teasers and riddles with complete solutions for problems in counting, geometry, probability, and game theory. Volume 1 is rated 4.5/5 stars on 11 reviews. https://www.amazon.com/gp/product/151... "Math Puzzles Volume 2" is a sequel book with more great problems. https://www.amazon.com/gp/product/151... "Math Puzzles Volume 3" is the third in the series. https://www.amazon.com/gp/product/151... "40 Paradoxes in Logic, Probability, and Game Theory" contains thought-provoking and counter-intuitive results. (rated 4.9/5 stars on 7 reviews) https://www.amazon.com/gp/product/151... "The Best Mental Math Tricks" teaches how you can look like a math genius by solving problems in your head (rated 4.7/5 stars on 3 reviews) https://www.amazon.com/gp/product/150... "Multiply Numbers By Drawing Lines" This book is a reference guide for my video that has over 1 million views on a geometric method to multiply numbers. (rated 5/5 stars on 1 review) https://www.amazon.com/gp/product/150...