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[1] An alternative term suggested "as a more descriptive name for the discipline" is interactive decision theory. [2] Game theory is mainly used in economics, political science, and psychology, as well as logic and biology. The subject first addressed zero-sum games, such that one person's gains exactly equal net losses of the other participant(s).
In game theory, the electronic mail game is an example of an "almost common knowledge" incomplete information game. It illustrates the apparently paradoxical [ 1 ] situation where arbitrarily close approximations to common knowledge lead to very different strategical implications from that of perfect common knowledge.
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]
In 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 signalling, in which sending certain messages may be costly for the sender depending on the state of the world.
Congestion games (CG) are a class of games in game theory. They represent situations which commonly occur in roads, communication networks, oligopoly markets and natural habitats. There is a set of resources (e.g. roads or communication links); there are several players who need resources (e.g. drivers or network users); each player chooses a ...
The Guess 2/3 of the average game shows the level-n theory in practice. In this game, players are tasked with guessing an integer from 0 to 100 inclusive which they believe is closest to 2/3 of the average of all players’ guesses. A Nash equilibrium can be found by thinking through each level: Level 0: The average can be in [0, 100]
This game involves two players in a town having a telephone service with only one telephone line that cuts callers off after a set period of time (e.g., five minutes) if their call is not completed. Assuming one player (the caller) calls a second player (the callee) and is cut-off, then the players will have two potential strategies - wait for ...
[1] [2] The Two Generals' Problem was the first computer communication problem to be proven to be unsolvable. [3] An important consequence of this proof is that generalizations like the Byzantine Generals problem are also unsolvable in the face of arbitrary communication failures, thus providing a base of realistic expectations for any ...