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Published: Sep 24 , 2014
Author: Simon Letchford

Telling lies in a commercial negotiation is not only dangerous, it’s simply not necessary. But you don’t need me to tell you that – if you’ve ever discovered a lie from the other side, you’ll know how it tends to undermine your faith in everything else they have ever have told you.

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The Ultimate Game Theory Strategy

‘The Prisoners’ Dilemma’ is a popular game theory example involving a two-person game of strategic interaction. One version is as follows. Two prisoners are accused of a crime. If one confesses and the other does not, the one who confesses will be released immediately and the other will spend 20 years in prison. If neither confesses, each will be held for only a few months. If both confess, they each spend 15 years in prison. This creates a paradox in decision analysis in which two individuals acting in their own self-interest do not produce the optimal outcome...

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