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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.
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.
Several variants are considered in Game Theory Evolving by Herbert Gintis. [2] In some variants of the problem, the players are allowed to communicate before deciding to go to the bar. However, they are not required to tell the truth. Named after a bar in Santa Fe, New Mexico, the problem was created in 1994 by W. Brian Arthur.
Separately, game theory has played a role in online algorithms; in particular, the k-server problem, which has in the past been referred to as games with moving costs and request-answer games. [124] Yao's principle is a game-theoretic technique for proving lower bounds on the computational complexity of randomized algorithms , especially online ...
The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. [2] The term strategy is typically used to mean a complete algorithm for playing a game, telling a player what to do for every possible ...
A solved game is a game whose outcome (win, lose or draw) can be correctly predicted from any position, assuming that both players play perfectly.This concept is usually applied to abstract strategy games, and especially to games with full information and no element of chance; solving such a game may use combinatorial game theory or computer assistance.
In game theory, the purification theorem was contributed by Nobel laureate John Harsanyi in 1973. [1] The theorem justifies a puzzling aspect of mixed strategy Nash equilibria: each player is wholly indifferent between each of the actions he puts non-zero weight on, yet he mixes them so as to make every other player also indifferent.