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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 ...
Doctoral advisor. Albert W. Tucker. John Forbes Nash, Jr. (June 13, 1928 – May 23, 2015), known and published as John Nash, was an American mathematician who made fundamental contributions to game theory, real algebraic geometry, differential geometry, and partial differential equations. [1][2] Nash and fellow game theorists John Harsanyi and ...
1629708. Theory of Games and Economic Behavior, published in 1944 [1] by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory. [2] In the introduction of its 60th anniversary ...
The ultimatum game is a game that has become a popular instrument of economic experiments. An early description is by Nobel laureate John Harsanyi in 1961. [1] One player, the proposer, is endowed with a sum of money. The proposer is tasked with splitting it with another player, the responder (who knows what the total sum is).
Proposed by. John Forbes Nash Jr. Used for. All non-cooperative games. In game theory, the Nash equilibrium is the most commonly-used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). [1]
Mechanism design, sometimes called implementation theory or institution design, [1] is a branch of economics, social choice, and game theory that deals with designing game forms (or mechanisms) to implement a given social choice function. Because it starts with the end of the game (an optimal result) and then works backwards to find a game that ...
Zero-sum game. Zero-sum game is a mathematical representation in game theory and economic theory of a situation that involves two competing entities, where the result is an advantage for one side and an equivalent loss for the other. [1] In other words, player one's gain is equivalent to player two's loss, with the result that the net ...
Oskar Morgenstern. Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist. In collaboration with mathematician John von Neumann, he founded the mathematical field of game theory as applied to the social sciences and strategic decision-making [1][2][3][4] and made major contributions to decision theory (see von ...