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Investments glossary

Tit for Tat

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Quotes of the day:

An inexhaustible good nature is one of the most precious gifts of heaven, spreading itself like oil over the troubled sea of thought, and keeping the mind smooth and equable in the roughest weather.

— Washington Irving

Tit for tat is a game-theory strategy subject to a payoff matrix like that of a prisoner’s dilemma. Tit for tat was introduced by Anatol Rapoport, who developed a strategy in which each participant in an iterated prisoner’s dilemma follows a course of action consistent with his opponent’s previous turn. For example, if provoked, a player subsequently responds with retaliation; if unprovoked, the player cooperates.

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