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Game theory is the study of mathematical models of strategic interactions. [1] ... sociological, and psychological behaviors as well. ... The dominant strategy ...
Strategy B is weakly dominant if strategy B weakly dominates every other possible strategy. Strategy B is strictly dominated if some other strategy exists that strictly dominates B. Strategy B is weakly dominated if some other strategy exists that weakly dominates B. Strategy: A complete contingent plan for a player in the game. A complete ...
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".
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.
In applied game theory, the definition of the strategy sets is an important part of the art of making a game simultaneously solvable and meaningful. The game theorist can use knowledge of the overall problem, that is the friction between two or more players, to limit the strategy spaces, and ease the solution.
Selected equilibrium refinements in game theory. Arrows point from a refinement to the more general concept (i.e., ESS Proper). In game theory, a solution concept is a formal rule for predicting how a game will be played. These predictions are called "solutions", and describe which strategies will be adopted by players and, therefore, the ...
There are several different degrees of incentive-compatibility: [4] The stronger degree is dominant-strategy incentive-compatibility (DSIC). [1]: 415 It means that truth-telling is a weakly-dominant strategy, i.e. you fare best or at least not worse by being truthful, regardless of what the others do.
A strategy σ is (strictly) dominated if it is (strictly) dominated by some other strategy. Dummy A player i is a dummy if he has no effect on the outcome of the game. I.e. if the outcome of the game is insensitive to player i's strategy. Antonyms: say, veto, dictator. Effectiveness