Robert Sapolsky covers this in one of his courses on evolutionary biology. I found the content to be approachable and the man charming, I highly recommend the course. (I am not a biologist!)

http://www.robertsapolskyrocks.com/behavioral-evolution.html

Yes, it is the most effective strategy in the Iterated Prisoner's Dilemma, which seems to most closely match social interactions. Better strategies were recently found, but they are highly convoluted and involve knowing your opponents strategy and manipulating it into doing what you want.

Do you have a reference for the more complicated strategies?