4.2 A prisoners dilemma game is played for a fixed number of periods. The fully rational solution...

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4.2 A prisoners’ dilemma game is played for a fixed number of periods. The fully rational solution is for each player to defect in each period. However, in experiments with students, players often cooperate for a significant number of periods if the total number of periods is fairly large (such as 10 or 20). What explanation can you give for this behavior?

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