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The zero-sum property (if one gains, another loses) means that any result of a zero-sum situation is Pareto optimal. Generally, any game where all strategies are Pareto optimal is called a conflict game. [7] [8] Zero-sum games are a specific example of constant sum games where the sum of each outcome is always zero. [9]
Zero-sum bias is a cognitive bias towards zero-sum thinking; it is people's tendency to intuitively judge that a situation is zero-sum, even when this is not the case. [4] This bias promotes zero-sum fallacies, false beliefs that situations are zero-sum. Such fallacies can cause other false judgements and poor decisions.
Integrated negotiation is not to be confused with integrative negotiation, a different concept (as outlined above) related to a non-zero-sum approach to creating value in negotiations. Integrated negotiation was first identified and labeled by the international negotiator and author Peter Johnston in his book Negotiating with Giants. [27]
In zero-sum games, the total benefit goes to all players in a game, for every combination of strategies, and always adds to zero (more informally, a player benefits only at the equal expense of others). [20] Poker exemplifies a zero-sum game (ignoring the possibility of the house's cut), because one wins exactly the amount one's opponents lose.
In zero-sum games, every outcome is Pareto-efficient. A special case of a state is an allocation of resources. The formal presentation of the concept in an economy is the following: Consider an economy with n {\displaystyle n} agents and k {\displaystyle k} goods.
In a zero-sum situation, one side wins only because the other loses. Therefore, if you have zero-sum bias, you see most (all?) situations as a competition. And in case that definition isn’t ...
They could also expect a higher lump-sum payment than you can afford. Slow process: Negotiating takes time. Every month you don’t make your payments, your credit score will likely suffer, and ...
The first theorem in this sense is von Neumann's minimax theorem about two-player zero-sum games published in 1928, [2] which is considered the starting point of game theory. Von Neumann is quoted as saying "As far as I can see, there could be no theory of games ... without that theorem ...