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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, therefore, the result of the game. The most commonly used solution concepts are equilibrium concepts, most famously Nash equilibrium.
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Admissibility and Perfection: Each equilibrium in a stable set is perfect, and therefore admissible. Backward Induction and Forward Induction: A stable set includes a proper equilibrium of the normal form of the game that induces a quasi-perfect and therefore a sequential equilibrium in every extensive-form game with perfect recall that has the same normal form.
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.
Used in: Battle of the sexes (no parens), Evolutionary stable strategy (no parens), Matching pennies (parens), Mixed strategy (although with ugly spacing), Normal form game (no parens), Payoff dominant equilibrium, Payoff matrix (along with row only), Pure strategy (parens), Solution concept (no parens), Stag hunt (no parens)
In game theory, a correlated equilibrium is a solution concept that is more general than the well known Nash equilibrium. It was first discussed by mathematician Robert Aumann in 1974. [1] [2] The idea is that each player chooses their action according to their private observation of the value of the same public signal. A strategy assigns an ...
There is a move by nature at the start of the game, which determines the children with and without muddy faces. Children do not communicate as in non-cooperative games. Every stroke is a simultaneous move by children. It is a sequential game of unlimited length. The game-theoretic solution needs some additional assumptions: