In game theory, what concept describes a situation where two individuals might not cooperate, even if it appears that it is in their best interests to do so?
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Prisoner's Dilemma
This is a standard example in game theory showing why two individuals might not cooperate, even if it appears that it is in their best interests to do so.
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- What game theory concept illustrates why two parties might fail to cooperate even when it is in their mutual interest?