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In game theory, a simultaneous game or static game [1] is a game where each player chooses their action without knowledge of the actions chosen by other players. [2] Simultaneous games contrast with sequential games , which are played by the players taking turns (moves alternate between players).
The normal-form representation of a game includes all perceptible and conceivable strategies, and their corresponding payoffs, for each player. In static games of complete, perfect information, a normal-form representation of a game is a specification of players' strategy spaces and payoff functions. A strategy space for a player is the set of ...
In dynamic games with complete information, backward induction is the solution concept, which eliminates non-credible threats as potential strategies for players. A classic example of a dynamic game with complete information is Stackelberg's (1934) sequential-move version of Cournot duopoly.
Game theory is the study of mathematical models of strategic interactions. [1] It has applications in many fields of social science, ... (or dynamic games) ...
Constant sum: A game is a constant sum game if the sum of the payoffs to every player are the same for every single set of strategies. In these games, one player gains if and only if another player loses. A constant sum game can be converted into a zero sum game by subtracting a fixed value from all payoffs, leaving their relative order unchanged.
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. For instance, strictly speaking in the Ultimatum game a player can have strategies such as: Reject offers of ($1, $3, $5, ..., $19), accept offers of ($0, $2, $4, ..., $20). Including ...
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]
The one-shot deviation principle (also known as single-deviation property [1]) is the principle of optimality of dynamic programming applied to game theory. [2] It says that a strategy profile of a finite multi-stage extensive-form game with observed actions is a subgame perfect equilibrium (SPE) if and only if there exist no profitable single deviation for each subgame and every player.