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v. 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 ...
Algorithmic game theory. Algorithmic game theory (AGT) is an area in the intersection of game theory and computer science, with the objective of understanding and design of algorithms in strategic environments. Typically, in Algorithmic Game Theory problems, the input to a given algorithm is distributed among many players who have a personal ...
Sprague–Grundy theorem. In combinatorial game theory, the Sprague–Grundy theorem states that every impartial game under the normal play convention is equivalent to a one-heap game of nim, or to an infinite generalization of nim. It can therefore be represented as a natural number, the size of the heap in its equivalent game of nim, as an ...
Game theory. In game theory, backward induction is a solution methodology that follows from applying sequential rationality to identify an optimal action for each information set in a given game tree. It develops the implications of rationality via individual information sets in the extensive-form representation of a game. [8]
Traveler's dilemma. In game theory, the traveler's dilemma (sometimes abbreviated TD) is a non- zero-sum game in which each player proposes a payoff. The lower of the two proposals wins; the lowball player receives the lowball payoff plus a small bonus, and the highball player receives the same lowball payoff, minus a small penalty.
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 ...
Information set (game theory) The information set is the basis for decision making in a game, which includes the actions available to both sides and the benefits of each action. The information set is an important concept in non-perfect games. In game theory, an information set is the set of all possible actions in the game for a given player ...
Folk theorem (game theory) For other uses, see Folk theorem (disambiguation). In game theory, folk theorems are a class of theorems describing an abundance of Nash equilibrium payoff profiles in repeated games (Friedman 1971). [ 1 ] The original Folk Theorem concerned the payoffs of all the Nash equilibria of an infinitely repeated game.