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Strategy. 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 ...
Matthew Robert Patrick (born November 15, 1986), better known as MatPat, is an American semi-retired YouTuber and internet personality. He is the creator and former host of the YouTube series Game Theory, and its spin-off series Film Theory, Food Theory, and Style Theory, each analyzing various video games, films alongside TV series and web series, food, and fashion respectively.
Prisoner's dilemma. The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
The game of chicken, also known as the hawk-dove game or snowdrift game, [1] is a model of conflict for two players in game theory.The principle of the game is that while the ideal outcome is for one player to yield (to avoid the worst outcome if neither yields), individuals try to avoid it out of pride, not wanting to look like "chickens."
In philosophy and mathematics, Newcomb's paradox, also known as Newcomb's problem, is a thought experiment involving a game between two players, one of whom is able to predict the future. Newcomb's paradox was created by William Newcomb of the University of California 's Lawrence Livermore Laboratory. However, it was first analyzed in a ...
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 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 ...
In game theory, a signaling game is a simple type of a dynamic Bayesian game. [1] The essence of a signalling game is that one player takes an action, the signal, to convey information to another player, where sending the signal is more costly if they are conveying false information. A manufacturer, for example, might provide a warranty for its ...
The application of backward induction in game theory can be demonstrated with a simple example. Consider a multi-stage game involving two players planning to go to a movie. Player 1 wants to watch The Terminator, and Player 2 wants to watch Joker. Player 1 will buy a ticket first and tell Player 2 about her choice. Next, Player 2 will buy his ...