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The Trust Game is similar to the dictator game, but with an added first step. It is a sequential game involving two players, the trustor and the trustee. [30] Initially called the Investment Game by Berg, Dickhaut and McCabe in 1995, the trust game originated as a design experiment to study trust and reciprocity in an investment setting. [31]
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.
In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge .
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
Extensive form representation of a two proposal ultimatum game. Player 1 can offer a fair (F) or unfair (U) proposal; player 2 can accept (A) or reject (R). The ultimatum game is a game that has become a popular instrument of economic experiments. An early description is by Nobel laureate John Harsanyi in 1961. [1]
The ludic fallacy, proposed by Nassim Nicholas Taleb in his book The Black Swan , is "the misuse of games to model real-life situations". [1] Taleb explains the fallacy as "basing studies of chance on the narrow world of games and dice". [2] The adjective ludic originates from the Latin noun ludus, meaning "play, game, sport, pastime". [3]
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