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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 prisoner's dilemma is a game theory thought experiment ... may help explain why real-life examples of tit-for-tat-like ... reflect real-world scenarios, the ...
Piraveenan (2019) [110] in his review provides several examples where game theory is used to model project management scenarios. For instance, an investor typically has several investment options, and each option will likely result in a different project, and thus one of the investment options has to be chosen before the project charter can be ...
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 game theory, a kingmaker scenario in a game of three or more players is an endgame situation where a player who is unable to win has the capacity to determine which player among others will win. This player is referred to as the kingmaker or spoiler .
The volunteer's dilemma is a game that models a situation in which each player can either make a small sacrifice that benefits everybody, or instead wait in hope of benefiting from someone else's sacrifice. One example is a scenario in which the electricity supply has failed for an entire neighborhood.
Cooperative game theory is a branch of game theory that deals with the study of games where players can form coalitions, cooperate with one another, and make binding agreements. The theory offers mathematical methods for analysing scenarios in which two or more players are required to make choices that will affect other players wellbeing.
In applied game theory, the definition of the strategy sets is an important part of the art of making a game simultaneously solvable and meaningful. 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.