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Final answer:
The Prisoner's Dilemma in game theory involves two players making decisions with a payoff matrix, where betraying the partner by defecting is the dominant strategy. This results in a suboptimal outcome for both players compared to mutual cooperation.
Explanation:
The Prisoner's Dilemma is a game theory example involving two players, each with two possible actions: cooperate or defect. The payoff matrix in this game represents the outcomes based on the decisions made by each player, with certain conditions in payoffs. The key characteristic of a Prisoner's Dilemma is that betraying the partner by defecting is the dominant strategy for each player, leading to a suboptimal outcome for both when compared to mutual cooperation.
Learn more about Prisoner's Dilemma in game theory here:
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