Abstract:

Explains the persistence of cooperation in joint venture situations with prisoner's dilemma characteristics and the insight that sophistication in whatever form incurs costs. Evolutionary framework using replicator dynamics; Asymptotic stability and co-existence of cooperation, defection and cautious cooperation; Prisoner's dilemma game; Imperfect information.; Explains the persistence of cooperation in joint venture situations with prisoner's dilemma characteristics and the insight that sophistication in whatever form incurs costs. Evolutionary framework using replicator dynamics; Asymptotic stability and co-existence of cooperation, defection and cautious cooperation; Prisoner's dilemma game; Imperfect information.