Search results
Results from the WOW.Com Content Network
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 ...
Behavioral game theory seeks to examine how people's strategic decision-making behavior is shaped by social preferences, social utility and other psychological factors. [ 1 ] Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory, [ 2 ] experimental economics, and experimental psychology.
Evolutionary game theory analyses Darwinian mechanisms with a system model with three main components – population, game, and replicator dynamics. The system process has four phases: 1) The model (as evolution itself) deals with a population (Pn). The population will exhibit variation among competing individuals.
The ultimatum game is a game that has become a popular instrument of economic experiments. An early description is by Nobel laureate John Harsanyi in 1961. [1] One player, the proposer, is endowed with a sum of money. The proposer is tasked with splitting it with another player, the responder (who knows what the total sum is).
His research contributions include the analysis of the "big match" zero-sum game with David Blackwell, a result that eventually led to the proof of existence of equilibrium values for limiting average payoff in all stochastic games; the Ferguson distribution on prior probability; Ferguson's Dirichlet process; [1] Ferguson's pairing property in ...
Strategy (game theory) In game theory, a move, action, or play is any one of the options which a player can choose in a setting where the optimal outcome depends not only on their own actions but on the actions of others. [1] The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players.
Bayesian game. In game theory, a Bayesian game is a strategic decision-making model which assumes players have incomplete information. Players hold private information relevant to the game, meaning that the payoffs are not common knowledge. [ 1 ] Bayesian games model the outcome of player interactions using aspects of Bayesian probability.
In 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. [1] The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response (or one of the best responses) to the other players ...