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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.
The revelation principle is a fundamental result in mechanism design, social choice theory, and game theory which shows it is always possible to design a strategy-resistant implementation of a social decision-making mechanism (such as an electoral system or market). [1] It can be seen as a kind of mirror image to Gibbard's theorem.
Constant sum: A game is a constant sum game if the sum of the payoffs to every player are the same for every single set of strategies. In these games, one player gains if and only if another player loses. A constant sum game can be converted into a zero sum game by subtracting a fixed value from all payoffs, leaving their relative order unchanged.
As a result of its importance, the axiom has been independently rediscovered in various forms across a wide variety of fields, including economics, [1] cognitive science, social choice, [1] fair division, rational choice, artificial intelligence, probability, [2] and game theory.
A complex sentence has one or more dependent clauses (also called subordinate clauses). Since a dependent clause cannot stand on its own as a sentence, complex sentences must also have at least one independent clause. In short, a sentence with one or more dependent clauses and at least one independent clause is a complex sentence.
The blue equilibrium is not subgame perfect because player two makes a non-credible threat at 2(2) to be unkind (U). A 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 not actually carry out, because it would not be in his best interest to do so.
"The Independent State Legislature theory rests on the idea that there are two provisions in the US Constitution, the elections clause and the electors clause, that essentially give state ...
Game theory has come to play an increasingly important role in logic and in computer science. Several logical theories have a basis in game semantics. In addition, computer scientists have used games to model interactive computations. Also, game theory provides a theoretical basis to the field of multi-agent systems. [124]