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With this understanding, the paradox resolves itself: The individual games are losing only under a distribution that differs from that which is actually encountered when playing the compound game. In summary, Parrondo's paradox is an example of how dependence can wreak havoc with probabilistic computations made under a naive assumption of ...
Behavioral game theory. Behavioral game theory seeks to examine how people's strategic decision-making behavior is shaped by social preferences, social utility and other psychological factors. [1] Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory, [2] experimental economics, and ...
Lek paradox: Persistent female choice for particular male trait values should erode genetic variance in male traits and thereby remove the benefits of choice, yet choice persists. Lombard's paradox : When rising to stand from a sitting or squatting position , both the hamstrings and quadriceps contract at the same time, despite their being ...
Chainstore paradox. The chain store paradox is an apparent game theory paradox describing the decisions a chain store might make, where a "deterrence strategy" appears optimal instead of the backward induction strategy of standard game theory reasoning. The paradox was first put forth by Reinhard Selten in 1978. [1]
Prisoner's dilemma. The prisoner's dilemma is a game theory thought experiment that involves two rational agents, each of whom can cooperate for mutual benefit or betray their partner ("defect") for individual reward. This dilemma was originally framed by Merrill Flood and Melvin Dresher in 1950 while they worked at the RAND Corporation. [1]
Prospect theory. Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel ...
Traditionally, born in the purple[1] (sometimes "born to the purple") was a category of members of royal families born during the reign of their parent. This notion was later loosely expanded to include all children born of prominent or high-ranking parents. [2] The parents must be prominent at the time of the child's birth so that the child is ...
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 ...