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Sequential game: A game is sequential if one player performs their actions after another player; otherwise, the game is a simultaneous move game. Perfect information: A game has perfect information if it is a sequential game and every player knows the strategies chosen by the players who preceded them. Constant sum: A game is a constant sum ...
Perfect play. In game theory, perfect play is the behavior or strategy of a player that leads to the best possible outcome for that player regardless of the response by the opponent. Perfect play for a game is known when the game is solved. [ 1 ] Based on the rules of a game, every possible final position can be evaluated (as a win, loss or draw).
Guess 2/3 of the average. In game theory, " guess 2 3 of the average " is a game where players simultaneously select a real number between 0 and 100, inclusive. The winner of the game is the player (s) who select a number closest to 2 3 of the average of numbers chosen by all players. [1]
Prisoner's dilemma. The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
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 ...
Focal point (game theory) In game theory, a focal point (or Schelling point) is a solution that people tend to choose by default in the absence of communication in order to avoid coordination failure. [ 1 ] The concept was introduced by the American economist Thomas Schelling in his book The Strategy of Conflict (1960). [ 2 ]
Induction puzzles are logic puzzles, which are examples of multi-agent reasoning, where the solution evolves along with the principle of induction. [1][2] A puzzle's scenario always involves multiple players with the same reasoning capability, who go through the same reasoning steps. According to the principle of induction, a solution to the ...
Solution concept. Selected equilibrium refinements in game theory. Arrows point from a refinement to the more general concept (i.e., ESS Proper). In game theory, a solution concept is a formal rule for predicting how a game will be played. These predictions are called "solutions", and describe which strategies will be adopted by players and ...