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Mean field game theory is the study of strategic decision making in very large populations of small interacting agents. This class of problems was considered in the economics literature by Boyan Jovanovic and Robert W. Rosenthal , in the engineering literature by Peter E. Caines , and by mathematicians Pierre-Louis Lions and Jean-Michel Lasry.
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 .
The classical explanation of the ultimatum game as a well-formed experiment approximating general behaviour often leads to a conclusion that the rational behavior in assumption is accurate to a degree, but must encompass additional vectors of decision making. [23]
A game modeled after the iterated prisoner's dilemma is a central focus of the 2012 video game Zero Escape: Virtue's Last Reward and a minor part in its 2016 sequel Zero Escape: Zero Time Dilemma. In The Mysterious Benedict Society and the Prisoner's Dilemma by Trenton Lee Stewart , the main characters start by playing a version of the game and ...
Game theory in general includes games of chance, games of imperfect knowledge, and games in which players can move simultaneously, and they tend to represent real-life decision making situations. Combinatorial game theory has a different emphasis than "traditional" or "economic" game theory, which was initially developed to study games with ...
In game theory, a Bayesian game is a strategic decision-making model which assumes players have incomplete information. Players may hold private information relevant to the game, meaning that the payoffs are not common knowledge. [1] Bayesian games model the outcome of player interactions using aspects of Bayesian probability.
The game of Wald's maximin model is also a 2-person zero-sum game, but the players choose sequentially. With the establishment of modern decision theory in the 1950s, the model became a key ingredient in the formulation of non-probabilistic decision-making models in the face of severe uncertainty.
Their work on Game Theory and Expected Utility Theory helped establish a rational basis for decision-making under uncertainty. After World War II , decision theory expanded into economics, particularly with the work of economists like Milton Friedman and others, who applied it to market behavior and consumer choice theory.