Search results
Results from the WOW.Com Content Network
A consequence of the game theory is its lack of use of empirical data to predict outcomes. "game theory will be no substitute for an empirically grounded behavioral theory when we want to predict what people will actually do in a competitive situation" [26] Predicting rational behavior is possible with game theory but it can be improved if the ...
Game theorists commonly study how the outcome of a game is determined and what factors affect it. In game theory, a strategy is a set of actions that a player can take in response to the actions of others. Each player’s strategy is based on their expectation of what the other players are likely to do, often explained in terms of probability. [2]
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.
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]
The first game is simply sequential―when player 2 makes a choice, both parties are already aware of whether player 1 has chosen O(pera) or F(ootball). The second game is also sequential, but the dotted line shows player 2's information set. This is the common way to show that when player 2 moves, he or she is not aware of what player 1 did.
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.
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.