A two-player game that illustrates the gains that can be obtained from coordination and the difficulties of achieving coordination. Typically, it involves a scenario where two players must choose between two options with different preferences but a mutual desire to coordinate.
An in-depth analysis of the Chicken Game, a two-player game in Game Theory that demonstrates the potential costs of conflict. This concept explores strategic decision-making, payoff matrices, and applications in various fields.
An equilibrium of a multi-stage game in which players are informed about the strategy choices of opponents at previous decision nodes.
An in-depth exploration of cooperative games where players form coalitions to maximize shared benefits, including historical context, key models, applications, and examples.
Exploring the nature, history, types, significance, and practical applications of cooperative games, where players form coalitions and negotiate collective strategies.
Coordination games are scenarios in game theory where players achieve the best outcomes through cooperative strategies. Understanding these games helps in predicting and guiding behavior in economic, social, and strategic interactions.
Explore the concept of CORE, focusing on its dual definition in economics as central regions and in game theory as a set of feasible allocations. Understand historical context, key events, detailed explanations, models, and its significance.
A comprehensive look into the concept of Cournot Duopoly, exploring its historical context, mathematical models, key events, and applicability in modern economics.
A comprehensive examination of credible threats, their historical context, types, key events, theoretical foundations, importance, and practical implications.
A comprehensive guide to understanding the Dominant Strategy in game theory, its significance, examples, types, and related concepts.
An in-depth exploration of the Dominant Strategy concept in game theory, including historical context, key events, explanations, models, examples, related terms, FAQs, and more.
Double Bluff: A nuanced and sophisticated form of bluffing involving a level of strategic deception where the deceiver anticipates the opponent's awareness of the potential for bluffing.
Dynamic inconsistency is a situation where a decision-maker's optimal plan at one point in time is no longer optimal at a later time. It is crucial in economics, game theory, and behavioral economics, affecting policies and individual decisions alike.
The Folk Theorem explains that in an infinitely repeated game, any outcome in which each player receives at least their security pay-off can be an equilibrium. It is a fundamental result in game theory that was accepted informally before a formal proof was established.
An in-depth analysis of Hold-Up in economics, its implications on investment decisions, and the ensuing dynamics of bargaining power.
Incomplete Information refers to situations where economic agents do not have all relevant information, distinguishing between public and private information.
Exploring the multiple definitions and applications of the kernel in mathematics, econometrics, and game theory.
An in-depth exploration of Matching Pennies, a classic two-player game theory problem with no pure strategy equilibrium but featuring a unique mixed strategy equilibrium.
The construction of a game of strategic interaction that achieves a specific outcome, ensuring that players find it in their best interest to behave as intended by the game's designer.
Mixed strategies involve probabilistic choices among possible strategies to optimize decision-making outcomes in game theory.
In game theory, a mixed strategy is a strategy in which a player probabilistically chooses between different pure strategies to potentially achieve better outcomes.
A comprehensive exploration of mixed strategies in game theory, detailing their application, mathematical foundations, historical context, and relevance across different fields.
Multiple equilibrium refers to the situation where an economic model has more than one solution to the equations describing its equilibrium. This concept is crucial in understanding outcomes in economics and game theory.
A comprehensive analysis of Nash Bargaining, a mathematical model in game theory that defines a fair division of resources between two parties.
Nucleolus is a value function in a cooperative game that minimizes the maximum dissatisfaction of every possible coalition by optimizing the allocation of pay-offs.
An equilibrium of a multi-stage game in which players do not observe the strategy choices of opponents at previous decision nodes.
An in-depth exploration of payoff matrices, fundamental to game theory, highlighting their structure, examples, types, and applications in strategic interactions.
A comprehensive overview of the term 'Player' in the context of game theory, including historical context, key concepts, types of players, examples, importance, and related terms.
A comprehensive analysis of the Prisoners' Dilemma, exploring its historical context, mathematical models, and real-world applications.
An in-depth examination of punishment strategies in repeated games, focusing on their role in securing cooperative outcomes, the mechanics behind them, historical context, and key examples like the Prisoner's Dilemma.
A detailed exploration of Reaction Curve: its definition, applications in economics and game theory, mathematical formulations, and significance.
A comprehensive exploration of repeated games in game theory, including their types, importance, applications, mathematical models, and more.
An in-depth look into the Shapley value, a method for determining fair allocation in cooperative games, its historical context, computation process, and real-world applications.
A comprehensive look into the Stackelberg Duopoly model, where one firm is the market leader and the other the follower, analyzing strategic interactions and market dynamics.
Explore the concept of Strategic Interaction, where the outcome for an economic agent is influenced by the choices of others, analyzed using game theory.
An in-depth analysis of the term 'strategy' as it pertains to game theory, including types, historical context, key events, mathematical models, and more.
A subgame is a component of a sequential game that begins at a node where each player is fully aware of the previous actions taken in the game.
A detailed exploration of Subgame Perfect Equilibrium, its historical context, importance in game theory, mathematical formulation, and applications in economics, finance, and strategic decision-making.
Tit for Tat is a strategy for playing a repeated game, founded on the principle of retaliation. It has proved very successful in contests between different strategies.
A comprehensive guide to understanding Trigger Strategy in the context of non-cooperative repeated games.
Understanding Unique Equilibrium in economic models and game theory: definition, historical context, key concepts, and applications.
A comprehensive analysis of zero-sum games, their mathematical foundations, historical context, types, key events, detailed explanations, and real-world applications.
Explanation of Zero-Sum Game in Game Theory, where the total gains and losses of all participants balance to zero, and one participant's gain is equivalent to another's loss.
Explore the concept of Tit for Tat in game theory, its underlying mechanism, and its applications in various strategic scenarios.
An in-depth exploration of zero-sum games, where one participants gain is equal to another’s loss, with a detailed example in finance.
