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## Game theory

- This piglix contains articles or sub-piglix about Game theory

## Game artificial intelligence

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## Ambiguity aversion

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## Auction theory

## Aumann's agreement theorem

## Authority distribution

## Axiom of projective determinacy

## Backgammon opening theory

## Backward induction

## Bandwidth-sharing game

## Bankruptcy problem

## Banzhaf power index

## Bayesian efficiency

## Behavioral game theory

## Bertrand paradox (economics)

## BertrandâEdgeworth model

## Best response

## BondarevaâShapley theorem

## The Bottle Imp

## Bounded rationality

## Braess' paradox

## CCâPP game

## Chainstore paradox

## Cheap talk

## Chess opening

## Collusion

## Commitment device

## Common knowledge (logic)

## Competitive altruism

## Competitive regret

## Complete information

## Complete mixing

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## Confrontation analysis

## Conjectural variation

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## Contingent cooperator

## Contract theory

## Cooperative game theory

## Coopetition

## Coopetition (book)

## Core (game theory)

## Countersignaling

## Distributed algorithmic mechanism design

## Drama theory

## Dynamic inconsistency

## Edgeworth conjecture

## Edgeworth paradox

## Edgeworth price cycle

## Escalation of commitment

## Evolution and the Theory of Games

## Evolutionarily stable state

## Expected utility hypothesis

## Expected value of including uncertainty

## Expected value of perfect information

## Expected value of sample information

## Expectiminimax tree

## Fair division

## Fictitious play

## First-player and second-player win

## Fixed point (mathematics)

## Focal point (game theory)

## Game complexity

## Game Description Language

## Game design

## Game semantics

## Game Theory Society

## Games and Economic Behavior

## General equilibrium theory

## General game playing

## General video game playing

## Generalized game theory

## Gibbs lemma

## Glicksberg's theorem

## Grand coalition

## Graph continuous function

## Graphical game theory

## Gridlock (economics)

## Hat puzzle

## Helly metric

## Hicks optimality

## Hierarchy of beliefs

## Hobbesian trap

## Implementation theory

## Incentive compatibility

## Inequity aversion

## Information set (game theory)

## Interdependence theory

## International Society of Dynamic Games

## Justice (economics)

## KalaiâSmorodinsky bargaining solution

## Keynesian beauty contest

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## LemkeâHowson algorithm

## List of games in game theory

## Markov strategy

## Martingale (probability theory)

## Mathematics of Operations Research

## Max-dominated strategy

## Mean field game theory

## Mechanism design

## Median voter theorem

## Metagame analysis

## Metagaming

## Minimal-entropy martingale measure

## Minimax

## Minimax theorem

## Move by nature

## Moving-knife procedure

## Mutual knowledge

## Mutual knowledge (logic)

## MyersonâSatterthwaite theorem

## Negotiation theory

## No-win situation

## Non-credible threat

## Null move

## One-shot deviation principle

## Open Options Corporation

## Open-loop model

## Outcome (game theory)

## Pareto efficiency

## Parrondo's paradox

## Parthasarathy's theorem

## Penrose square root law

## Perfect information

## Perfect rationality

## Platonia dilemma

## Ply (game theory)

## Price of anarchy

## Price of stability

## Prisoners and hats puzzle

## Punctuality

## Purification theorem

## Quantum game theory

## Quantum refereed game

## Ratchet effect

## Rational agent

## Rational ignorance

## Rational irrationality

## Rationalizability

## Replicator equation

## Revelation principle

## Risk aversion (psychology)

## Roemer model of political competition

## Rubinstein bargaining model

## Rule complex

## Shapley value

## ShapleyâShubik power index

## Signalling (economics)

## Simulations and games in economics education

## Simultaneous action selection

## Sion's minimax theorem

## Smart market

## Social rationality

## Social software (social procedure)

## Social trap

## Social value orientations

## Solution concept

## Spite

## Stable marriage problem

## Stable roommates problem

## Strategic complements

## Strategic dominance

## Strategic move

## Strategy (game theory)

## Strategyproofness

## Subgame

## Subjective expected relative similarity (SERS)

## Sudoku solving algorithms

## Sunk cost

## Superrationality

## Swap regret

## Theory of Games and Economic Behavior

## Theory of obligationes

## Theorycraft

## Thinking Strategically

## Top trading cycle

## Tragedy of the anticommons

## Tragedy of the commons

## Transferable utility

## Two-level game theory

## Unbeatable strategy

## Uncorrelated asymmetry

## VickreyâClarkeâGroves auction

## Von NeumannâMorgenstern utility theorem

## Wait/walk dilemma

## Waldegrave problem

## War's inefficiency puzzle

## Winâstay, loseâswitch

## Zermelo's theorem (game theory)

## Zugzwang

This piglix contains articles or sub-piglix about Game artificial intelligence

WikipediaThis piglix contains articles or sub-piglix about Auctions

WikipediaThis piglix contains articles or sub-piglix about Bargaining theory

WikipediaThis piglix contains articles or sub-piglix about Books about game theory

WikipediaThis piglix contains articles or sub-piglix about Chess theory

WikipediaThis piglix contains articles or sub-piglix about Combinatorial game theory

WikipediaThis piglix contains articles or sub-piglix about Cooperative games

WikipediaThis piglix contains articles or sub-piglix about Evolutionary game theory

WikipediaThis piglix contains articles or sub-piglix about Fair division

WikipediaThis piglix contains articles or sub-piglix about Gambling mathematics

WikipediaThis piglix contains articles or sub-piglix about Game theorists

WikipediaThis piglix contains articles or sub-piglix about Game theory equilibrium concepts

WikipediaThis piglix contains articles or sub-piglix about Game theory game classes

WikipediaThis piglix contains articles or sub-piglix about Mechanism design

WikipediaThis piglix contains articles or sub-piglix about Non-cooperative games

WikipediaThis piglix contains articles or sub-piglix about Poker strategy

WikipediaThis piglix contains articles or sub-piglix about Pursuit-evasion

WikipediaThis piglix contains articles or sub-piglix about Strategy

WikipediaThis piglix contains articles or sub-piglix about Topological games

WikipediaThis piglix contains articles or sub-piglix about Tragedy of the commons

WikipediaGame theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science and biology. Originally, it addressed zero-sum games, in which one person's gains res ... Read »

WikipediaEvolutionary game theory (EGT) is the application of game theory to evolving populations in biology. It defines a framework of contests, strategies, and analytics into which Darwinian competition can be modelled. It originated in 1973 with John Maynard Smith and George R. Price's formalisation of contests, analysed as ... Read »

WikipediaGame theory is the branch of mathematics in which games are studied: that is, models describing human behaviour. This is a glossary of some terms of the subject. ÏÂ i{\displaystyle \sigma \ _{i}} is an element of Î£Â i{\displaystyle \Sigma \ ^{i}}. ÏÂ âi{\displaystyle \sigma \ _{-i}} an element ... Read »

WikipediaAlgorithmic game theory is an area in the intersection of game theory and algorithm design, whose objective is to design algorithms in strategic environments. Typically, in Algorithmic Game Theory problems, the input to a given algorithm is distributed among many players who have a personal interest in the output. In t ... Read »

WikipediaAlgorithmic mechanism design (AMD) lies at the intersection of economic game theory and computer science. Noam Nisan and Amir Ronen, from the Hebrew University of Jerusalem, first coined "Algorithmic mechanism design" in a research paper published in 1999. It combines ideas such as utility maximization and mechanism ... Read »

WikipediaIn decision theory and economics, ambiguity aversion (also known as uncertainty aversion) is a preference for known risks over unknown risks. An ambiguity-averse individual would rather choose an alternative where the probability distribution of the outcomes is known over one where the probabilities are unknown. This b ... Read »

WikipediaAn analytic narrative is a social science research method seeking to combine historical narratives with the rigor of rational choice theory, particularly through the use of game theory. The goal of analytic narratives is to provide several forms of discipline on the structure of case studies, such as a game, out of sa ... Read »

WikipediaAuction theory is an applied branch of economics which deals with how people act in auction markets and researches the properties of auction markets. There are many possible designs (or sets of rules) for an auction and typical issues studied by auction theorists include the efficiency of a given auction design, optima ... Read »

WikipediaThe solution concept authority distribution was formulated by Lloyd Shapley and his student X. Hu in 2003 to measure the authority power of players in a well-contracted organization. The index generates the Shapley-Shubik power index and can be used in ranking, planning and organizational choice. The organization ... Read »

WikipediaIn mathematical logic, projective determinacy is the special case of the axiom of determinacy applying only to projective sets. The axiom of projective determinacy, abbreviated PD, states that for any two-player infinite game of perfect information of length Ï in which the players play natural numbers, if the victo ... Read »

WikipediaThe first moves of a backgammon game are the opening moves, collectively referred to as the opening, and studied in the backgammon opening theory. Backgammon opening theory is not developed in as much detail as opening theory in chess, which has been widely studied. The reason for this is that following the first move ... Read »

WikipediaBackward induction is the process of reasoning backwards in time, from the end of a problem or situation, to determine a sequence of optimal actions. It proceeds by first considering the last time a decision might be made and choosing what to do in any situation at that time. Using this information, one can then determ ... Read »

WikipediaA bandwidth-sharing game is a type of resource allocation game designed to model the real-world allocation of bandwidth to many users in a network. The game is popular in game theory because the conclusions can be applied to real-life networks. The game is described as follows: We also use assumptions regarding Ui ... Read »

WikipediaIn mathematical sociology, and especially game theory, the bankruptcy problem is a distribution or entitlement problem involving the allocation of a given amount of a perfectly divisible good among a group of agents. The focus is on the case where the amount is insufficient to satisfy all their demands. Problems of th ... Read »

WikipediaThe Banzhaf power index, named after John F. Banzhaf III (originally invented by Lionel Penrose in 1946 and sometimes called PenroseâBanzhaf index; also known as the BanzhafâColeman index after James Samuel Coleman), is a power index defined by the probability of changing an outcome of a vote where voting rig ... Read »

WikipediaBayesian efficiency is an analog of Pareto efficiency for situations in which there is incomplete information. Under Pareto efficiency, an allocation of a resource is Pareto efficient if there is no other allocation of that resource that makes no one worse off while making some agents strictly better off. A limitation ... Read »

WikipediaBehavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory,experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom and neglect of altruism,fairness, and f ... Read »

WikipediaIn economics and commerce, the Bertrand paradox â named after its creator, Joseph Bertrand â describes a situation in which two players (firms) reach a state of Nash equilibrium where both firms charge a price equal to marginal cost ("MC"). The paradox is that in models such as Cournot competition, an increas ... Read »

WikipediaIn game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given (Fudenberg & Tirole 1991, p.Â 29; Gibbons 1992, pp.Â 33â49). The concept of a best response is central to John Nash's best-known contribution, the ... Read »

WikipediaThe Bottle Imp is an 1891 short story by the Scottish author Robert Louis Stevenson usually found in the short story collection Island Nights' Entertainments. It was first published in the New York Herald (FebruaryâMarch 1891) and Black and White London (MarchâApril 1891). In it, the protagonist buys a bottle ... Read »

WikipediaBounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, the cognitive limitations of their minds, and the time available to make the decision. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather t ... Read »

WikipediaThe chainstore paradox (or "chain-Store paradox") is a concept that purports to refute standard game theory reasoning. A monopolist (Player A) has branches in 20 towns. He faces 20 potential competitors, one in each town, who will be able to choose in or out. They do so in sequential order and one at a time. If a ... Read »

WikipediaIn game theory, cheap talk is communication between players that does not directly affect the payoffs of the game. Providing and receiving information is free. This is in contrast to signaling in which sending certain messages may be costly for the sender depending on the state of the world. One actor has information ... Read »

WikipediaA chess opening is the group of initial moves of a chess game. Recognized sequences of initial moves are referred to as openings by White, or defenses by Black, but opening is also used as the general term. There are many dozens of different openings, and hundreds of named variants. The Oxford Companion to Chess lists ... Read »

WikipediaCollusion is an agreement between two or more parties, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage. It is an agreement a ... Read »

WikipediaA commitment device is, according to journalist Stephen J. Dubner and economist Steven Levitt, "a means with which to lock yourself into a course of action that you might not otherwise choose but that produces a desired result". In other words, a commitment device is a "way to change one's own incentives to make an oth ... Read »

WikipediaCommon knowledge is a special kind of knowledge for a group of . There is common knowledge of p in a group of agents G when all the agents in G know p, they all know that they know p, they all know that they all know that they know p, and so on ad infinitum. The concept was first introduced in the philosophical litera ... Read »

WikipediaCompetitive altruism is a possible mechanism for the persistence of cooperative behaviors, specifically those that are performed unconditionally. The theory of reciprocal altruism can be used to explain behaviors that are performed by a donor who receives some sort of benefit in the future. When no such compensation is ... Read »

WikipediaIn decision theory, competitive regret is the relative regret compared to an oracle with limited or unlimited power in the process of distribution estimation. Consider estimating a discrete probability distribution p{\displaystyle p} on a discrete set X{\displaystyle {\mathcal {X}}} based on data X{\displaystyle X ... Read »

WikipediaIn economics and game theory, complete information is a term used to describe an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions, payoffs, strategies and "types" of players are thus common knowledge. Inversely, in a game w ... Read »

WikipediaIn evolutionary game theory, complete mixing refers to an assumption about the type of interactions that occur between individual organisms. Interactions between individuals in a population attains complete mixing if and only if the probably individual x interacts with individual y is equal for all y. This assumption ... Read »

WikipediaTo compromise is to make a deal between different parties where each party gives up part of their demand. In arguments, compromise is a concept of finding through communication, through a mutual acceptance of termsâoften involving variations from an original goal or desires. Extremism is often considered as anto ... Read »

WikipediaConfrontation analysis (also known as dilemma analysis) is an operational analysis technique used to structure, understand and think through multi-party interactions such as negotiations. It is the underpinning mathematical basis of drama theory. It is derived from game theory but considers that instead of resolving t ... Read »

WikipediaIn oligopoly theory, conjectural variation is the belief that one firm has an idea about the way its competitors may react if it varies its output or price. The firm forms a conjecture about the variation in the other firm's output that will accompany any change in its own output. For example, in the classic Cournot mo ... Read »

WikipediaConsensus dynamics or agreement dynamics is an area of research lying at the intersection of systems theory and graph theory. A major topic of investigation is the agreement or consensus problem in multi-agent systems that concerns processes by which a collection of interacting agents achieve a common goal. Networks of ... Read »

WikipediaIn game theory, a contingent cooperator is a person or agent who is willing to act in the collective interest, rather than his short-term selfish interest, if he observes a majority of the other agents in the collective doing the same. The apparent contradiction in this stance is resolved by game theory, which shows th ... Read »

WikipediaIn economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent applicat ... Read »

WikipediaIn game theory, a cooperative game (or coalitional game) is a game with competition between groups of players ("coalitions") due to the possibility of external enforcement of cooperative behavior (e.g. through contract law). Those are opposed to non-cooperative games in which there is either no possibility to forge all ... Read »

WikipediaCoopetition or co-opetition (sometimes spelled "coopertition" or "co-opertition") is a neologism coined to describe cooperative competition. Coopetition is a portmanteau of cooperation and competition, emphasizing the "petition"-like nature of joint work. Basic principles of co-opetitive structures have been described ... Read »

WikipediaCo-Opetition: A Revolution Mindset that Combines Competition and Cooperation is a non-fiction book on coopetition, business strategy, and game theory by Adam M. Brandenburger and Barry J. Nalebuff. The book was initially published by Crown Business on May 1, 1996. As of 2015, the book is still available in its 9th prin ... Read »

WikipediaIn game theory, the core is the set of feasible allocations that cannot be improved upon by a subset (a coalition) of the economy's consumers. A coalition is said to improve upon or block a feasible allocation if the members of that coalition are better off under another feasible allocation that is identical to the fir ... Read »

WikipediaCountersignaling or countersignalling is the behavior where agents with the highest level of a given property invest less into proving it than individuals with a medium level of the same property. This concept is primarily useful for analyzing human behavior and thus relevant to economics, sociology and psychology; the ... Read »

WikipediaDistributed algorithmic mechanism design (DAMD) is an extension of algorithmic mechanism design. DAMD differs from Algorithmic mechanism design since the algorithm is computed in a distributed manner rather than by a central authority. This greatly improves computation time since the burden is shared by all agents wit ... Read »

WikipediaDrama theory is one of the problem structuring methods in operations research. It is based on game theory and adapts the use of games to complex organisational situations, accounting for emotional responses that can provoke irrational reactions and lead the players to redefine the game. In a drama, emotions trigger rat ... Read »

WikipediaIn economics, dynamic inconsistency or time inconsistency is a situation in which a decision-maker's preferences change over time in such a way that a preference can become inconsistent at another point in time. This can be thought of as there being many different "selves" within decision makers, with each "self" repre ... Read »

WikipediaIn economics, the Edgeworth conjecture is the idea, named after Francis Ysidro Edgeworth, that the core of an economy shrinks to the set of Walrasian equilibria as the number of agents increases to infinity. The core of an economy is a concept from cooperative game theory defined as the set of feasible allocations in ... Read »

WikipediaIn economics, the Edgeworth paradox describes a situation in which two players cannot reach a state of equilibrium with pure strategies, i.e. each charging a stable price. Suppose two companies, A and B, sell an identical commodity product, and that customers choose the product solely on the basis of price. Each compa ... Read »

WikipediaAn Edgeworth price cycle is an asymmetric price variation that has the following characteristics: Because of (1), smaller competitors have a greater incentive to initiate cutting. Larger competitors will generally be the initiator of restorations. The cycle is asymmetric because restorations happen nearly simultaneous ... Read »

WikipediaEscalation of commitment refers to a pattern of behavior in which an individual or group, when faced with increasingly negative outcomes from some decision, action, and investment, will continue rather than alter their courseâsomething which is irrational, but in alignment with decisions and actions previously mad ... Read »

WikipediaEvolution and the Theory of Games is a book by the British evolutionary biologist John Maynard Smith on evolutionary game theory. The book was initially published in December 1982 by Cambridge University Press. In the book, John Maynard Smith summarises work on evolutionary game theory that had developed in the 19 ... Read »

Wikipedia"A population is said to be in an evolutionarily stable state if its genetic composition is restored by selection after a disturbance, provided the disturbance is not too large. Such a population can be genetically monomorphic or polymorphic." âMaynard Smith (1982). Contrast this with the definition of an evoluti ... Read »

WikipediaIn economics, game theory, and decision theory the expected utility hypothesis, concerning people's preferences with regard to choices that have uncertain outcomes (gambles), states that if specific axioms are satisfied, the subjective value associated with an individual's gamble is the statistical expectation of that ... Read »

WikipediaIn decision theory and quantitative policy analysis, the expected value of including uncertainty (EVIU) is the expected difference in the value of a decision based on a probabilistic analysis versus a decision based on an analysis that ignores uncertainty. Decisions must be made every day in the ubiquitous presenc ... Read »

WikipediaIn decision theory, the expected value of perfect information (EVPI) is the price that one would be willing to pay in order to gain access to perfect information. A common discipline that uses the EVPI concept is health economics. In that context and when looking at a decision of whether to adopt a new treatment techno ... Read »

WikipediaIn decision theory, the expected value of sample information (EVSI) is the expected increase in utility that a decision-maker could obtain from gaining access to a sample of additional observations before making a decision. The additional information obtained from the sample may allow them to make a more informed, and ... Read »

WikipediaAn expectiminimax tree is a specialized variation of a minimax game tree for use in artificial intelligence systems that play two-player zero-sum games such as backgammon, in which the outcome depends on a combination of the player's skill and chance elements such as dice rolls. In addition to "min" and "max" nodes of ... Read »

WikipediaFair division is the problem of dividing a set of goods or resources between several people who have an entitlement to them, such that each person receives his/her due share. This problem arises in various real-world settings: auctions, divorce settlements, electronic spectrum and frequency allocation, airport traffic ... Read »

WikipediaIn game theory, fictitious play is a learning rule first introduced by George W. Brown. In it, each player presumes that the opponents are playing stationary (possibly mixed) strategies. At each round, each player thus best responds to the empirical frequency of play of their opponent. Such a method is of course adequa ... Read »

WikipediaIn game theory, a two-player deterministic perfect-information turn-based game is first-player-win if a perfect player who plays first can always force a win. Similarly, a game is second-player-win if a perfect player who plays second can always force a win. When winning is not possible with perfect play by both opposi ... Read »

WikipediaIn mathematics, a fixed point (sometimes shortened to fixpoint, also known as an invariant point) of a function is an element of the function's domain that is mapped to itself by the function. That is to say, c is a fixed point of the function f(x) if and only if f(c) = c. This means f(f(...f(c)...)) = fn(c) = c, an im ... Read »

WikipediaIn game theory, a focal point (also called Schelling point) is a solution that people will tend to use in the absence of communication, because it seems natural, special, or relevant to them. The concept was introduced by the Nobel Memorial Prize-winning American economist Thomas Schelling in his book The Strategy of C ... Read »

WikipediaCombinatorial game theory has several ways of measuring game complexity. This article describes five of them: state-space complexity, game tree size, decision complexity, game-tree complexity, and computational complexity. The state-space complexity of a game is the number of legal game positions reachable from th ... Read »

WikipediaGame Description Language, or GDL, is a language designed by Michael Genesereth as part of the General Game Playing Project at Stanford University, California. GDL describes the state of a game as a series of facts, and the game mechanics as logical rules. Quoted in an article in New Scientist [1], Genesereth poin ... Read »

WikipediaGame design is the art of applying design and aesthetics to create a game to facilitate interaction between players for entertainment or for educational, exercise, or experimental purposes. Game design can be applied both to games and, increasingly, to other interactions, particularly virtual ones (see gamification). ... Read »

WikipediaGame semantics (German: dialogische Logik, translated as dialogical logic) is an approach to formal semantics that grounds the concepts of truth or validity on game-theoretic concepts, such as the existence of a winning strategy for a player, somewhat resembling Socratic dialogues or medieval theory of Obligationes. ... Read »

WikipediaThe Game Theory Society (GTS) is a society for the promotion of research, teaching and application of game theory. It was founded in 1999 by Ehud Kalai and Robert Aumann and is registered in the Netherlands. The GTS hosts a congress every four years. The previous meetings were in Bilbao (2000), Marseille (2004), Evans ... Read »

WikipediaGames and Economic Behavior (GEB) is a journal of game theory published by Elsevier. Founded in 1989, the journal's stated objective is to communicate game-theoretic ideas across theory and applications. It is considered to be the leading journal of game theory and one of the top journals in economics, and it is one of ... Read »

WikipediaIn economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the th ... Read »

WikipediaGeneral game playing (GGP) is the design of artificial intelligence programs to be able to play more than one game successfully. For many games like chess, computers are programmed to play these games using a specially designed algorithm, which cannot be transferred to another context. For example, a chess-playing comp ... Read »

WikipediaGeneral video game playing (GVGP) is the design of artificial intelligence programs to be able to play more than one video game successfully. In recent years, some progress have been made in this area, including programs that can learn to play Atari 2600 games as well as a program that can learn to play NES games. GVG ... Read »

WikipediaGeneralized game theory is an extension of game theory incorporating social theory concepts such as norm, value, belief, role, social relationship, and institution. The theory was developed by Tom R. Burns, Anna Gomolinska, and Ewa Roszkowska but has not had great influence beyond these immediate associates. The theory ... Read »

WikipediaIn game theory and in particular the study of Blotto games and operational research, the Gibbs lemma is a result that is useful in maximization problems. It is named for Josiah Willard Gibbs. Consider Ï=âi=1nfi(xi){\displaystyle \phi =\sum _{i=1}^{n}f_{i}(x_{i})}. Suppose Ï{\displaystyle \phi } is maximized ... Read »

WikipediaA grand coalition is an arrangement in a multi-party parliamentary system in which the two largest political parties of opposing political ideologies unite in a coalition government. The term is most commonly used in countries where there are two dominant parties with different ideological orientations, and a number of ... Read »

WikipediaIn mathematics, and in particular the study of game theory, a function is graph continuous if it exhibits the following properties. The concept was originally defined by Partha Dasgupta and Eric Maskin in 1986 and is a version of continuity that finds application in the study of continuous games. Consider a game with ... Read »

WikipediaIn game theory, the common ways to describe a game are the normal form and the extensive form. The graphical form is an alternate compact representation of a game using the interaction among participants. Consider a game with n{\displaystyle n} players with m{\displaystyle m} strategies each. We will represent the pla ... Read »

WikipediaThis is an extended usage of word gridlock specifically in economics to describe the common situation that occurs in the competition within an industry or a company. The similar usage of gridlock can be seen in politics as well. See also gridlock (Politics). However, the term gridlock was first used in engineering as, ... Read »

WikipediaHat puzzles are logic problems that date back to as early as 1961. A number of players, at least three, are each wearing a hat, which may be of various specified colours. Players can see the colours of at least some other players' hats, but not that of their own. With highly restricted communication or none, some of ... Read »

WikipediaIn game theory, the Helly metric is used to assess the distance between two strategies. It is named for Eduard Helly. Consider a game Î=â¨X,Y,Hâ©{\displaystyle \Gamma =\left\langle {\mathfrak {X}},{\mathfrak {Y}},H\right\rangle }, between player I and II. Here, X{\displaystyle {\mathfrak {X}}} and Y{\displa ... Read »

WikipediaIn game theory, a Hicks-optimal outcome, named after John Hicks, is an outcome in which the total payoff for all of the players of a game is the most it could possibly be. A Hicks-optimal outcome is always Pareto efficient. ... Read »

WikipediaConstruction by Jean-FranÃ§ois Mertens and Zamir implementing with John Harsanyi's proposal to model games with incomplete information by supposing that each player is characterized by a privately known type that describes his feasible strategies and payoffs as well as a probability distribution over other players' t ... Read »

WikipediaThe Hobbesian trap (or Schelling's dilemma) is a theory that explains why preemptive strikes occur between two groups, out of bilateral fear of an imminent attack. Without outside influences this situation will lead to a fear spiral (catch-22, vicious circle, Nash equilibrium) in which fear will lead to an arms race wh ... Read »

WikipediaImplementation theory is an area of game theory closely related to mechanism design where an attempt is made to add into a game a mechanism such that the equilibrium of the game conforms to some concept of social optimality (for instance Pareto optimality). In a game where multiple agents are to report their preferenc ... Read »

WikipediaA mechanism is called incentive-compatible (IC) if every participant can achieve the best outcome to him/herself just by acting according to his/her true preferences. There are several different degrees of incentive-compatibility: Every DSIC mechanism is also BNIC, but a BNIC mechanism may exist even if no DSIC mech ... Read »

WikipediaInequity aversion (IA) is the preference for fairness and resistance to incidental inequalities. The social sciences that study inequity aversion include sociology, economics, psychology, anthropology, and ethology. Inequity aversion research on humans mostly occurs in the discipline of economics though it is also ... Read »

WikipediaIn game theory, an information set is a set that, for a particular player, establishes all the possible moves that could have taken place in the game so far, given what that player has observed. If the game has perfect information, every information set contains only one member, namely the point actually reached at tha ... Read »

WikipediaInterdependence theory is a social exchange theory that shows how the rewards and costs associated with interpersonal relationships collaborate with peoples' expectations from them. This theory comes from the idea that closeness is the key to all relationships; that people communicate to become closer to one another. T ... Read »

WikipediaThe International Society of Dynamic Games (ISDG) is an international non-profit, professional organization for the advancement of the theory of dynamic games. The ISDG was founded on August 9, 1990 in Helsinki, Finland, at the site of the 4th International Symposium on Dynamic games and Applications in the Helsin ... Read »

WikipediaJustice in economics is a subcategory of welfare economics with models frequently representing the ethical-social requirements of a given theory, whether "in the large," as of a just social order, or "in the small," as in the equity of "how institutions distribute specific benefits and burdens." That theory may or may ... Read »

WikipediaA Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, The General Theory of Employment, Interest and Money (1936), to explain price fluctuations in . Keynes described the action of rational agents in a market using an analogy based on a fictional newspa ... Read »

WikipediaGame theory studies strategic interaction between individuals in situations called games. Classes of these games have been given names. This is a list of the most commonly studied games Games can have several features, a few of the most common are listed here. ... Read »

WikipediaIn game theory, a Markov strategy is one that depends only on state variables that summarize the history of the game in one way or another. For instance, a state variable can be the current play in a repeated game, or it can be any interpretation of a recent sequence of play. A profile of Markov strategies is a Markov ... Read »

WikipediaIn probability theory, a martingale is a model of a fair game where knowledge of past events never helps predict the mean of the future winnings and only the current event matters. In particular, a martingale is a sequence of random variables (i.e., a ) for which, at a particular time in the realized sequence, the expe ... Read »

WikipediaMathematics of Operations Research is a peer-reviewed scientific journal first published in February 1976. It focuses on areas of mathematics relevant to the field of operations research such as continuous optimization, discrete optimization, game theory, machine learning, simulation methodology, and . The journal is p ... Read »

WikipediaIn game theory a max-dominated strategy is a strategy which is not a best response to any strategy profile of the other players. This is an extension to the notion of strictly dominated strategies, which are obviously max-dominated as well. A strategy siâSi{\displaystyle s_{i}\in S_{i}} of player i{\displayst ... Read »

WikipediaMean field game theory is the study of strategic decision making in very large populations of small interacting individuals. This class of problems was considered in the economics literature by Jovanovic and Rosenthal, in the engineering literature by Peter E. Caines and his co-workers and independently and around the ... Read »

WikipediaMechanism design is a field in economics and game theory that takes an engineering approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally. Because it starts at the end of the game, then goes backwards, it is also called reverse game theory ... Read »

WikipediaThe median voter theorem states that "a majority rule voting system will select the outcome most preferred by the median voter". The median voter theorem makes two key assumptions. First, the theorem assumes that voters can place all election alternatives along a one-dimensional political spectrum. It seems plausible ... Read »

WikipediaMetagame analysis involves framing a problem situation as a strategic game in which participants try to realise their objectives by means of the options available to them. The subsequent meta-analysis of this game gives insight in possible strategies and their outcome. Metagame theory was developed by Nigel Howard ... Read »

WikipediaMetagaming is any strategy, action or method used in a game which transcends a prescribed ruleset, uses external factors to affect the game, or goes beyond the supposed limits or environment set by the game. Another definition refers to the game universe outside of the game itself. In simple terms, it is the use of ou ... Read »

WikipediaIn probability theory, the minimal-entropy martingale measure (MEMM) is the risk-neutral probability measure that minimises the entropy difference between the objective probability measure, P{\displaystyle P}, and the risk-neutral measure, Q{\displaystyle Q}. In incomplete markets, this is one way of choosing a risk-ne ... Read »

WikipediaMinimax (sometimes MinMax or MM) is a decision rule used in decision theory, game theory, statistics and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario. Originally formulated for two-player zero-sum game theory, covering both the cases where players take alternate moves and those w ... Read »

WikipediaA minimax theorem is a theorem providing conditions that guarantee that the maxâmin inequality is also an equality. The first theorem in this sense is von Neumann's minimax theorem from 1928, which was considered the starting point of game theory. Since then, several alternative generalizations of von Neumann's or ... Read »

WikipediaIn game theory a move by nature is a decision or move in an extensive form game made by a player who has no strategic interests in the outcome. The effect is to add a player, 'Nature', whose practical role is to act as a random number generator. For instance, if a game of Poker requires a dealer to choose which cards a ... Read »

WikipediaIn the mathematics of social science, and especially game theory, a moving-knife procedure is a type of solution to the fair division problem. The canonical example is the division of a cake using a knife. The simplest example is a moving-knife equivalent of the I cut, you choose scheme, first described by A.K.Austin ... Read »

WikipediaMutual knowledge in game theory is information known by all participatory agents. However, unlike common knowledge, a related topic, mutual knowledge does not require that all agents are aware that this knowledge is mutual. All common knowledge is mutual knowledge, but not all mutual knowledge is common knowledge. Mutu ... Read »

WikipediaMutual knowledge is a fundamental concept about information in game theory, (epistemic) logic, and epistemology. An event is mutual knowledge if all agents know that the event occurred. However, mutual knowledge by itself implies nothing about what agents know about other agents' knowledge: i.e. it is possible that an ... Read »

WikipediaThe foundations of negotiation theory are decision analysis, behavioral decision making, game theory, and negotiation analysis. Another classification of theories distinguishes between Structural Analysis, Strategic Analysis, Process Analysis, Integrative Analysis and behavioral analysis of negotiations. Individuals s ... Read »

WikipediaA no-win situation, also called a âlose-lose situationâ, is one where a person has choices, but no choice leads to a net gain. For example, if an executioner offers the condemned the choice of death by being hanged, shot, or poisoned, all choices lead to death; the condemned is in a no-win situation. This ble ... Read »

WikipediaA non-credible threat is a term used in game theory and economics to describe a threat in a sequential game that a rational player would actually not carry out, because it would not be in his best interest to do so. For a simple example, suppose person A walks up, carrying a bomb, to another person B. A tells B he wil ... Read »

WikipediaIn game theory, a null move or pass is a decision by a player to not make a move when it is that player's turn to move. Even though null moves are against the rules of many games, they are often useful to consider when analyzing these games. Examples of this include the analysis of zugzwang (a situation in chess or oth ... Read »

WikipediaThe one-shot deviation principle is the principle of optimality of dynamic programming applied to game theory. It says that a strategy profile of a finite extensive-form game is a subgame perfect equilibrium if and only if there exist no profitable one-shot deviations. Ultimately, no player can profit from deviating fr ... Read »

WikipediaOpen Options Corporation is a privately owned business strategy consulting company that specializes in applied game theory and business war games where there are multiple stakeholders who can all influence the final outcome of a particular situation. Open Optionsâ original software development was funded by the C ... Read »

WikipediaIn game theory, an open-loop model is the one where players cannot observe the play of their opponents, as opposed to a closed-loop model, where all past play is common knowledge. The solution to an open-loop model is called "open-loop equilibrium". Open loop models are more tractable, which is why they are sometimes ... Read »

WikipediaIn game theory, an outcome is a situation which results from a combination of player's strategies. Every combination of strategies (one for each player) is an outcome of the game. A primary purpose of game theory is to determine which outcomes are stable according to a solution concept (e.g. Nash equilibria). In a gam ... Read »

WikipediaPareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off. The concept is named after Vilfredo Pareto (1848â1923) ... Read »

WikipediaIn the mathematical theory of games, the Penrose square root law, originally formulated by Lionel Penrose, concerns the distribution of the voting power in a voting body consisting of N members. It states that the aÂ priori voting power of any voter, measured by the PenroseâBanzhaf index Ï{\displaystyle \psi ... Read »

WikipediaIn economics, perfect information is a feature of perfect competition. With perfect information in a market, all consumers and producers are assumed to have perfect knowledge of price, utility, quality and production methods of products, when theorizing the systems of free markets, and effects of financial policies. I ... Read »

WikipediaIn economics and game theory, it is sometimes assumed that agents have perfect rationality: that is, they always act in a way that maximizes their utility, and are capable of arbitrarily complex deductions towards that end. They will always be capable of thinking through all possible outcomes and choosing that course o ... Read »

WikipediaIn the platonia dilemma introduced in Douglas Hofstadter's book Metamagical Themas, an eccentric trillionaire gathers 20 people together, and tells them that if one and only one of them sends him a telegram (reverse charges) by noon the next day, that person will receive a billion dollars. If he receives more than one ... Read »

WikipediaIn two-player sequential games, a ply refers to one turn taken by one of the players. The word is used to clarify what is meant when one might otherwise say "turn". The word "turn" can be a problem since it means different things in different traditions. For example, in standard chess terminology, one move consists of ... Read »

WikipediaThe Price of Anarchy (PoA) is a concept in economics and game theory that measures how the efficiency of a system degrades due to selfish behavior of its agents. It is a general notion that can be extended to diverse systems and notions of efficiency. For example, consider the system of transportation of a city and ma ... Read »

WikipediaIn game theory, the price of stability (PoS) of a game is the ratio between the best objective function value of one of its equilibria and that of an optimal outcome. The PoS is relevant for games in which there is some objective authority that can influence the players a bit, and maybe help them converge to a good Nas ... Read »

WikipediaThe prisoners and hats puzzle is an induction puzzle (a kind of logic puzzle) that involves reasoning about the actions of other people, drawing in aspects of Game theory sometimes called the hierarchy of beliefs. There are many variations, but the central theme remains the same. It is not to be confused with the simil ... Read »

WikipediaPunctuality is the characteristic of being able to complete a required task or fulfill an obligation before or at a previously designated time. "Punctual" is often used synonymously with "on time". It is also acceptable that punctual can also, be related to talking about grammar, mean "to be accurate". An opposite per ... Read »

WikipediaIn game theory, the purification theorem was contributed by Nobel laureate John Harsanyi in 1973. The theorem aims to justify a puzzling aspect of mixed strategy Nash equilibria: that each player is wholly indifferent amongst each of the actions he puts non-zero weight on, yet he mixes them so as to make every other pl ... Read »

WikipediaQuantum game theory is an extension of classical game theory to the quantum domain. It differs from classical game theory in three primary ways: This theory is based on the physics of information much like quantum computing. The information transfer that occurs during a game can be viewed as a physical process. I ... Read »

WikipediaQuantum refereed game in quantum information processing is a class of games in the general theory of quantum games. It is played between two players, Alice and Bob, and arbitrated by a referee. The referee outputs the pay-off for the players after interacting with them for a fixed number of rounds, while exchanging qua ... Read »

WikipediaA ratchet effect is an instance of the restrained ability of human processes to be reversed once a specific thing has happened, analogous with the mechanical ratchet that holds the spring tight as a clock is wound up. It is related to the phenomena of featuritis and scope creep in the manufacture of various consumer go ... Read »

WikipediaIn economics, game theory, decision theory, and artificial intelligence, a rational agent is an agent that has clear preferences, models uncertainty via expected values of variables or functions of variables, and always chooses to perform the action with the optimal expected outcome for itself from among all feasible a ... Read »

WikipediaRational ignorance is refraining from acquiring knowledge when the cost of educating oneself on an issue exceeds the potential benefit that the knowledge would provide. Ignorance about an issue is said to be "rational" when the cost of educating oneself about the issue sufficiently to make an informed decision can out ... Read »

WikipediaThe concept known as rational irrationality was popularized by economist Bryan Caplan in 2001 to reconcile the widespread existence of irrational behavior (particularly in the realms of religion and politics) with the assumption of rationality made by mainstream economics and game theory. The theory, along with its imp ... Read »

WikipediaIn game theory, rationalizability is a solution concept. The general idea is to provide the weakest constraints on players while still requiring that players are rational and this rationality is common knowledge among the players. It is more permissive than Nash equilibrium. Both require that players respond optimally ... Read »

WikipediaIn mathematics, the replicator equation is a deterministic monotone non-linear and non-innovative game dynamic used in evolutionary game theory. The replicator equation differs from other equations used to model replication, such as the quasispecies equation, in that it allows the fitness function to incorporate the di ... Read »

WikipediaThe revelation principle is a fundamental principle in mechanism design. It states that if a social choice function can be implemented by an arbitrary mechanism (i.e. if that mechanism has an equilibrium outcome that corresponds to the outcome of the social choice function), then the same function can be implemented by ... Read »

WikipediaRisk-aversion is a preference for a sure outcome over a gamble with higher or equal expected value. Conversely, the rejection of a sure thing in favor of a gamble of lower or equal expected value is known as risk-seeking behavior. The psychophysics of chance induce overweighting of sure things and of improbable events ... Read »

WikipediaThe Roemer model of political competition is a game between political parties in which each party announces a multidimensional policy vector. Since Nash equilibria do not normally exist when the policy space is multidimensional, John Roemer introduced the concept of party-unanimity Nash equilibrium (PUNE), which can be ... Read »

WikipediaA Rubinstein bargaining model refers to a class of bargaining games that feature alternating offers through an infinite time horizon. The original proof is due to Ariel Rubinstein in a 1982 paper. For a long time, the solution to this type of game was a mystery; thus, Rubinstein's solution is one of the most influentia ... Read »

WikipediaA rule complex is a set consisting of rules and/or other rule complexes. This is a generalization of a set of rules, and provides a tool to investigate and describe how rules can function as values, norms, judgmental or prescriptive rules, and meta-rules. Also possible is to examine objects consisting of rules such as ... Read »

WikipediaThe Shapley value is a solution concept in cooperative game theory. It was named in honour of Lloyd Shapley, who introduced it in 1953. To each cooperative game it assigns a unique distribution (among the players) of a total surplus generated by the coalition of all players. The Shapley value is characterized by a coll ... Read »

WikipediaIn contract theory, signaling (or signalling: see American and British English differences) is the idea that one party (termed the agent) credibly conveys some information about itself to another party (the principal). For example, in Michael Spence's job-market signalling model, (potential) employees send a signal abo ... Read »

WikipediaA simulation game is "a game that contains a mixture of skill, chance, and strategy to simulate an aspect of reality, such as a ". Similarly, Finnish author Virpi RuohomÃ¤ki states that "a simulation game combines the features of a game (competition, cooperation, rules, participants, roles) with those of a simulation ... Read »

WikipediaSimultaneous action selection, or SAS, is a game mechanic that occurs when players of a game take action (such as moving their pieces) at the same time. An example of a game that uses this type of movement is the game Diplomacy. Typically, a "secret yet binding" method of committing to one's move is necessary, so that ... Read »

WikipediaA smart market is a periodic auction which is cleared by the operations research technique of mathematical optimization, such as linear programming. The smart market is operated by a market manager. Trades are not bilateral, between pairs of people, but rather to or from a pool. A smart market can assist market operati ... Read »

WikipediaIn behavioural sciences, social rationality is a type of decision strategy used in social contexts, in which a set of simple rules is applied in complex and uncertain situations. Social rationality is a form of bounded rationality applied to social contexts, where individuals make choices and predictions under unc ... Read »

WikipediaIn philosophy and the social sciences, social software is an interdisciplinary research program that borrows mathematical tools and techniques from game theory and computer science in order to analyze and design social procedures. The goals of research in this field are modeling social situations, developing theories o ... Read »

WikipediaIn psychology, a social trap is a situation in which a group of people act to obtain short-term individual gains, which in the long run leads to a loss for the group as a whole. Examples of social traps include overfishing, energy "brownout" and "blackout" power outages during periods of extreme temperatures, the overg ... Read »

WikipediaIn social psychology, social value orientation (SVO) is a person's preference about how to allocate resources (e.g. money) between the self and another person. SVO corresponds to how much weight a person attaches to the welfare of others in relation to the own. Since people are assumed to vary in the weight they attach ... Read »

WikipediaIn game theory, a solution concept is a formal rule for predicting how a game will be played. These predictions are called "solutions", and describe which strategies will be adopted by players and, therefore, the result of the game. The most commonly used solution concepts are equilibrium concepts, most famously Nash e ... Read »

WikipediaIn fair division problems, spite is a phenomenon that occurs when a player's value of an allocation decreases when one or more other players' valuation increases. Thus, other things being equal, a player exhibiting spite will prefer an allocation in which other players receive less than more (if more of the good is des ... Read »

WikipediaIn mathematics, economics, and computer science, the stable marriage problem (also stable matching problem or SMP) is the problem of finding a stable matching between two equally sized sets of elements given an ordering of preferences for each element. A matching is a mapping from the elements of one set to the element ... Read »

WikipediaIn mathematics, economics and computer science, particularly in the fields of combinatorics, game theory and algorithms, the stable-roommate problem (SRP) is the problem of finding a stable matching for an even-sized set. A matching is a separation of the set into disjoint pairs ("roommates"). The matching is stable i ... Read »

WikipediaIn economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). To see what is meant ... Read »

WikipediaIn game theory, strategic dominance (commonly called simply dominance) occurs when one strategy is better than another strategy for one player, no matter how that player's opponents may play. Many simple games can be solved using dominance. The opposite, intransitivity, occurs in games where one strategy may be better ... Read »

WikipediaA strategic move in game theory is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. Strategic moves can either be unconditional moves or response rules. The key characteristics of a strategic move are that it involves a commitment from ... Read »

WikipediaIn game theory, player's strategy is any of the options he or she can choose in a setting where the outcome depends not only on his own actions but on the action of others. A player's strategy will determine the action the player will take at any stage of the game. The strategy concept is sometimes (wrongly) confused ... Read »

WikipediaIn game theory, an asymmetric game where players have private information is said to be strategyproof (SP) if it is a weakly-dominant strategy for every player to reveal his/her private information, i.e. you fare best or at least not worse by being truthful, regardless of what the others do. SP is also called truthful ... Read »

WikipediaIn game theory, a subgame is any part (a subset) of a game that meets the following criteria (the following terms allude to a game described in extensive form): It is a notion used in the solution concept of subgame perfect Nash equilibrium, a refinement of the Nash equilibrium that eliminates non-credible threats. T ... Read »

WikipediaSubjective expected relative similarity (SERS) is a normative and descriptive theory that predicts and explains cooperation levels in a family of games termed Similarity Sensitive Games (SSG), among them the well-known Prisoner's Dilemma game (PD). SERS was originally developed in order to (i) provide a new rational so ... Read »

WikipediaA standard Sudoku contains 81 cells, in a 9Ã9 grid, and has 9 boxes, each box being the intersection of the first, middle, or last 3 rows, and the first, middle, or last 3 columns. Each cell may contain a number from one to nine, and each number can only occur once in each row, column, and box. A Sudoku starts with ... Read »

WikipediaIn economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs (also known as retrospective costs) are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and pr ... Read »

WikipediaIn economics and game theory, a participant is considered to have superrationality (or renormalized rationality) if they have perfect rationality (and thus maximize their own utility) but assume that all other players are superrational too and that a superrational individual will always come up with the same strategy a ... Read »

WikipediaSwap regret is a concept from game theory. It is a generalization of regret in a repeated, n-decision game. A player's swap-regret is defined to be the following: Intuitively, it is how much a player could improve by switching each occurrence of decision i to the best decision j possible in hindsight. The swap regret ... Read »

WikipediaTheory of Games and Economic Behavior, published in 1944 by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory. In the introduction of its 60th anniversary co ... Read »

WikipediaObligationes or disputations de obligationibus were a medieval disputation format common in the 13th and 14th centuries. Despite the name, they had nothing to do with ethics or morals but rather dealt with logical formalisms; the name comes from the fact that the participants were "obliged" to follow the rules. Severa ... Read »

WikipediaTheorycraft (or theorycrafting) is the mathematical analysis of game mechanics, usually in video games, to discover optimal strategies and tactics. Theorycraft often involves analyzing hidden systems or underlying game code in order to glean information that is not apparent during normal gameplay. The term has been sai ... Read »

WikipediaThinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life is a non-fiction book by Indian-American economist Avinash Dixit and Barry Nalebuff, a professor of economics and management at Yale School of Management. The text was initially published by W. W. Norton & Company on February 1, 1991. ... Read »

WikipediaTop trading cycle (TTC) is an algorithm for trading indivisible items without using money. It was developed by David Gale and published by Herbert Scarf and Lloyd Shapley. The basic TTC algorithm is illustrated by the following housing market situation. There are n{\displaystyle n} students living in the student d ... Read »

WikipediaThe tragedy of the anticommons is a type of coordination breakdown, in which a single resource has numerous rightsholders who prevent others from using it, frustrating what would be a socially desirable outcome. It is a mirror-image of the older concept of tragedy of the commons, in which numerous rightsholders' combin ... Read »

WikipediaThe tragedy of the commons is an economic theory of a situation within a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource through their collective action. The concept and name or ... Read »

WikipediaTransferable utility is a term used in cooperative game theory and in economics. Utility is transferable if one player can losslessly transfer part of its utility to another player. Such transfers are possible if the players have a common currency that is valued equally by all. Note that being able to transfer cash pay ... Read »

WikipediaTwo-level game theory is a political model of international conflict resolution between states derived from game theory and originally introduced in 1988 by Robert Putnam. Putnam had been involved in research around the G7 summits between 1976 and 1979. However at the 4th summit, held in Bonn in 1978 he observed a qua ... Read »

WikipediaIn biology, the idea of an unbeatable strategy was proposed by W.D. Hamilton in his 1967 paper on sex ratios in Science. In this paper Hamilton discusses sex ratios as strategies in a game, and cites Verner as using this language in his 1965 paper which "claims to show that, given factors causing fluctuations of the po ... Read »

WikipediaIn game theory an uncorrelated asymmetry is an arbitrary asymmetry in a game which is otherwise symmetrical. The name 'uncorrelated asymmetry' is due to John Maynard Smith who called payoff relevant asymmetries in games with similar roles for each player 'correlated asymmetries' (note that any game with correlated asym ... Read »

WikipediaIn probability and game theory, the Waldegrave problem refers to a problem first described in the second edition of Montmort`s Essay d'analyse sur les jeux de hazard. This problem is remarkable in that it is the first appearance to a mixed strategy solution in game theory. Montmort originally called Waldegraveâs P ... Read »

WikipediaZugzwang (German for "compulsion to move", pronounced [ËtsuËktsvaÅ]) is a situation found in chess and other games wherein one player is put at a disadvantage because they must make a move when they would prefer to pass and not move. The fact that the player is compelled to move means that their position will ... Read »

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