Adapting to Multipolarity: Insights from Iterated Game Theory Simulations—A Preliminary Study on Hypothetical Optimal Global Cooperation

Panagiotis E. Petrakis (), Anna-Maria Kanzola and Ioannis Lomis
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Panagiotis E. Petrakis: Department of Economics, National and Kapodistrian University of Athens, 157 72 Athens, Greece
Anna-Maria Kanzola: Department of Economics, National and Kapodistrian University of Athens, 157 72 Athens, Greece
Ioannis Lomis: Department of Economics, National and Kapodistrian University of Athens, 157 72 Athens, Greece

JRFM, 2024, vol. 17, issue 8, 1-21

Abstract: The global geopolitical landscape is characterized by the rise of new powers and a shift toward multipolarity. This study examines the impact of multipolarity on international cooperation using an iterated game theory approach, particularly the classic prisoner’s dilemma, extended to a multiplayer setting. This effort can be regarded as a preliminary study of hypothetical optimal global cooperation. The main hypothesis is that an increase in the number of large countries in the international system will lead to higher levels of cooperation. Our simulation approach confirmed this. Our findings extend to the conclusion that multipolarity, under appropriate cultural and value systems, can foster new economic development and fair competition. Furthermore, we emphasize the importance of evolving strategies and cooperative dynamics in a multipolar world, contributing to discussions on foreign economic policy integration, sustainability, and managing vulnerabilities among great powers. The study underscores the necessity of strategic frameworks and international institutions in promoting global stability and cooperation amidst the complexities of multipolarity.

Keywords: multipolarity; game theory; prisoner’s dilemma; international relationships; trade; institutions; strategic thinking (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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