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Evolutionary game theory has been used to explain many seemingly incongruous phenomena in nature. [122] One such phenomenon is known as biological altruism. This is a situation in which an organism appears to act in a way that benefits other organisms and is detrimental to itself.
In game theory, the Nash equilibrium is the most commonly-used solution concept for non-cooperative games.A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). [1]
The General Theory of Employment, Interest and Money. New York: Harcourt Brace and Co. Moulin, Herve (1986). Game Theory for the Social Sciences (2nd ed.). New York: NYU Press. ISBN 9780814754306. Nagel, Rosemarie (1995). "Unraveling in Guessing Games: An Experimental Study". American Economic Review. 85 (5): 1313– 1326. JSTOR 2950991.
Although microeconomic theory can continue without this assumption, it would make comparative statics impossible since there is no guarantee that the resulting utility function would be differentiable. Microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set.
In game theory, normal form is a description of a game. Unlike extensive form , normal-form representations are not graphical per se , but rather represent the game by way of a matrix . While this approach can be of greater use in identifying strictly dominated strategies and Nash equilibria , some information is lost as compared to extensive ...
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.
Rationalizability is a solution concept in game theory.It is the most permissive possible solution concept that still requires both players to be at least somewhat rational and know the other players are also somewhat rational, i.e. that they do not play dominated strategies.
Non-cooperative game theory provides a low-level approach as it models all the procedural details of the game, whereas cooperative game theory only describes the structure, strategies and payoffs of coalitions. Therefore, cooperative game theory is referred to as coalitional, and non-cooperative game theory is procedural. [7]