Search results
Results From The WOW.Com Content Network
Extensive form representation of a two proposal ultimatum game. Player 1 can offer a fair (F) or unfair (U) proposal; player 2 can accept (A) or reject (R). 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]
Collision game example. Focal points can also have real-life applications. For example, imagine two bicycles headed towards each other and in danger of crashing. Avoiding collision becomes a coordination game where each player's winning choice depends on the other player's choice.
The concept of positive reciprocity can be seen in real-life examples, such as the workplace. If an employer offers a large wage to their employees, then the employees often pay back the favour by working harder. [7] Altruism is another social preference seen in the dictator game. This game is similar to the ultimatum and gift exchange games.
A second example demonstrates that even in games that formally allow for backward induction in theory, it may not accurately predict empirical game play in practice. This example of an asymmetric game consists of two players: Player 1 proposes to split a dollar with Player 2, which Player 2 then accepts or rejects. This is called the ultimatum ...
For finitely repeated games, if a stage game has only one unique Nash equilibrium, the subgame perfect equilibrium is to play without considering past actions, treating the current subgame as a one-shot game. An example of this is a finitely repeated Prisoner's dilemma game. The Prisoner's dilemma gets its name from a situation that contains ...
In game theory, an extensive-form game is a specification of a game allowing (as the name suggests) for the explicit representation of a number of key aspects, like the sequencing of players' possible moves, their choices at every decision point, the (possibly imperfect) information each player has about the other player's moves when they make a decision, and their payoffs for all possible ...
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 pirate world's rules of distribution say that the most senior pirate first proposes a plan of distribution. The pirates, including the proposer, then vote on whether to accept this distribution. If the majority accepts the plan, the coins are disbursed and the game ends. In case of a tie vote, the proposer has the casting vote. If the ...