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If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus, cutting a cake , where taking a more significant piece reduces the amount of cake available for others as much as it increases the amount available for that taker, is a zero-sum game if all participants value each unit of cake ...
Zero-sum bias is a cognitive bias towards zero-sum thinking; it is people's tendency to intuitively judge that a situation is zero-sum, even when this is not the case. [4] This bias promotes zero-sum fallacies, false beliefs that situations are zero-sum. Such fallacies can cause other false judgements and poor decisions.
In zero-sum games, the total benefit goes to all players in a game, for every combination of strategies, and always adds to zero (more informally, a player benefits only at the equal expense of others). [20] Poker exemplifies a zero-sum game (ignoring the possibility of the house's cut), because one wins exactly the amount one's opponents lose.
There’s a lot about the rationale behind his thinking; because of zero-sum bias, Alex explains, Trey likely thought that his father’s affection for Veronica meant there was less for him.
[1] [2] It is also known as the lump of jobs fallacy, fallacy of labour scarcity, fixed pie fallacy, and the zero-sum fallacy—due to its ties to zero-sum games. The term "fixed pie fallacy" is also used more generally to refer to the idea that there is a fixed amount of wealth in the world.
In zero-sum games, every outcome is Pareto-efficient. A special case of a state is an allocation of resources. The formal presentation of the concept in an economy is the following: Consider an economy with n {\displaystyle n} agents and k {\displaystyle k} goods.
Lump-sum investing vs. dollar-cost averaging Whether in a retirement plan or otherwise, dollar-cost averaging is a good way to avoid timing the market, that is, trying to buy when the price looks ...
Matching Pennies is a zero-sum game because each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants. If the participants' total gains are added up and their total losses subtracted, the sum will be zero.