Game Theory and Business Decisions
Axelrod's tournaments refer to a series of computer-simulated competitions designed by political scientist Robert Axelrod to study the evolution of cooperation in game theory, particularly within the framework of the Iterated Prisoner's Dilemma. These tournaments highlighted how strategies like 'Tit for Tat' could foster cooperation among self-interested agents and demonstrated the effectiveness of reciprocity in achieving beneficial outcomes over time.
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