”For he that performeth first, has no assurance the other will performe after; because the bonds of words are too weak to bridle men's ambition, avarice, anger, and other Passions, without the feare of some coercive Power; which in the condition of meer Nature, where all men are equall, and judges of the justness of their own fears cannot possibly be supposed. And therefore he which performeth first, does but betray himselfe…” (Hobbes, Leviathan, chap. 14).
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Güth et al. (1994) studied this question.
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