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v. t. e. Game theory is the study of mathematical models of strategic interactions. [ 1 ] It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. [ 2 ] Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly ...
Information set (game theory) The information set is the basis for decision making in a game, which includes the actions available to both sides and the benefits of each action. The information set is an important concept in non-perfect games. In game theory, an information set is the set of all possible actions in the game for a given player ...
In game theory, folk theorems are a class of theorems describing an abundance of Nash equilibrium payoff profiles in repeated games (Friedman 1971). [1] The original Folk Theorem concerned the payoffs of all the Nash equilibria of an infinitely repeated game. This result was called the Folk Theorem because it was widely known among game ...
Sequential game: A game is sequential if one player performs their actions after another player; otherwise, the game is a simultaneous move game. Perfect information: A game has perfect information if it is a sequential game and every player knows the strategies chosen by the players who preceded them. Constant sum: A game is a constant sum ...
Zermelo's theorem (game theory) For Zermelo's theorem in set theory, see well-ordering theorem. In game theory, Zermelo's theorem is a theorem about finite two-person games of perfect information in which the players move alternately and in which chance does not affect the decision making process. It says that if the game cannot end in a draw ...
Minimax theorem. In the mathematical area of game theory, a minimax theorem is a theorem providing conditions that guarantee that the max–min inequality is also an equality. The first theorem in this sense is von Neumann 's minimax theorem about zero-sum games published in 1928, [1] which was considered the starting point of game theory.
1629708. Theory of Games and Economic Behavior, published in 1944 [1] 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. [2] In the introduction of its 60th anniversary ...
In applied game theory, the definition of the strategy sets is an important part of the art of making a game simultaneously solvable and meaningful. The game theorist can use knowledge of the overall problem, that is the friction between two or more players, to limit the strategy spaces, and ease the solution. For instance, strictly speaking in ...