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Game theory has a great advantage in explicitly analyzing the consequences of trading rules that presumably are really common knowledge; it is deficient to the extent it assumes other features to be common knowledge, such as one agent's probability assessment about another’s preferences or information.
Gold sink is an economic process by which a video game's ingame currency ('gold'), or any item that can be valued against it, is removed. This process is comparable to financial repression in real economies. Most commonly the genres are role-playing game or massively multiplayer online game.
A prototypical paper on game theory in economics begins by presenting a game that is an abstraction of a particular economic situation. One or more solution concepts are chosen, and the author demonstrates which strategy sets in the presented game are equilibria of the appropriate type.
Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although ...
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
The Shapley value is a solution concept in cooperative game theory. It was named in honor of Lloyd Shapley, who introduced it in 1951 and won the Nobel Memorial Prize in Economic Sciences for it in 2012. [1] [2] To each cooperative game it assigns a unique distribution (among the players) of a total surplus generated by the coalition of all ...
Transferable utility is a concept in cooperative game theory and in economics. Utility is transferable if one player can losslessly transfer part of its utility to another player. Such transfers are possible if the players have a common currency that is valued equally by all.
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.