Interesting article. Thanks for sharing. Would it correct to say that competitors in an oligopolistic market bidding on the same acquisition target are close real life examples of these prisoners?

However, in the dilemna, the prisoners are few and their resources (liquidity and inventories) are limited in which case the notion of an objective "fair value" seems irrelevant. But for a market with a very large number of participants, in the long run, will not price converge towards "fair value"? Is this prisoner's dilemna not a sort of illustration of Ben Graham famous statement: "In the short-run, the market is a voting machine, but in the long-run, the market is a weighting machine". Thanks.