In the realm of economics and international trade, decision-making under uncertainty often leads rational players to adopt strategies that, while individually rational, result in collectively suboptimal outcomes. One of the most powerful theoretical frameworks to understand such behavior is the Prisoner’s Dilemma, a foundational concept in game theory. Though abstract in origin, the dilemma plays out repeatedly in real-world scenarios—from freight markets in dry bulk shipping to the macro-level...
https://mfame.guru/game-theory-at-sea-the-prisoners-dilemma-in-global-shipping-and-trade/