Prisoners dilemma
The term prisoner's dilemma is used to indicate towards a situation where an individual decision-makers is required to choose an incentive in a way that it will create a less than optimal outcome for the individuals who are perceived as a group.The prisoner's dilemmas is evident in many aspects of the economy. Mostly here, people are found to have developed several methods of overcoming prisoner's dilemmas, so that they are capable of choosing better collective results. Inspite of the apparently unfavorable individual incentives. To put it in another way, The prisoner's dilemma is a paradox, that occurs in decision analysis in which two individuals acting in their own self-interests. Leading to the production of outcome that isn’t optimal.