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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 experimental psychology.
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.
John Harsanyi – equilibrium theory (Nobel Memorial Prize in Economic Sciences in 1994) Monika Henzinger – algorithmic game theory and information retrieval; John Hicks – general equilibrium theory (including Kaldor–Hicks efficiency) Naira Hovakimyan – differential games and adaptive control; Peter L. Hurd – evolution of aggressive ...
In the context of game theory, dynamic inconsistency is a situation in a dynamic game where a player's best plan for some future period will not be optimal when that future period arrives. A dynamically inconsistent game is subgame imperfect. In this context, the inconsistency is primarily about commitment and credible threats.
Another use of game theory in managerial economics is in analyzing pricing strategies. For example, firms may use game theory to determine the optimal pricing strategy based on how they expect their competitors to respond to their pricing decisions. Overall, game theory serves as a useful tool for analyzing strategic interactions and decision ...
Game theory is a branch of mathematics that uses models to study interactions with formalized incentive structures ("games"). It has applications in a variety of fields, including economics , evolutionary biology , political science , social psychology and military strategy .
The dictator game is a popular experimental instrument in social psychology and economics, [1] a derivative of the ultimatum game. The term "game" is a misnomer because it captures a decision by a single player: to send money to another or not. [2] Thus, the dictator has the most power and holds the preferred position in this “game.”
The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. [2] The term strategy is typically used to mean a complete algorithm for playing a game, telling a player what to do for every possible ...