It is clear that if this game is played only once, it is in each player’s separate interest to play Cheat, since that play maximizes the player’s individual utility regardless of the play chosen by the competitor. Consequently, the only Nush equilibrium of the game is for both to play Cheat. Then both are worse off than if they could somehow agree to play Honest.

XREF: Classic prisoner's dilemma; connects to game theory concepts like Nash equilibrium and collective action problems.

PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE O…, loc. 46