Pay-Offs

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August 31, 2024 5 min read Definitions

Extensive Form: A Detailed Exploration of Game Representation

Mathematics Economics Game Theory Decision Nodes Strategies Information Sets Pay-Offs

The extensive form represents a game as a tree showing decision nodes, strategies, information sets, and pay-offs, providing insights beyond those offered by the pay-off matrix.

August 31, 2024 4 min read Definitions

Nucleolus: A Game Theory Concept

Game Theory Economics Nucleolus Cooperative Game Value Function Excess Pay-Offs

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.