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Game theory is a theoretical framework for conceiving social situations among competing players. In some respects, game theory is the science of strategy, or at least the optimal decision-making of independent and competing actors in a strategic setting.
Study with Quizlet and memorize flashcards containing terms like Game Theory Definition, Games We play, Games Economists Play and more.
Study with Quizlet and memorize flashcards containing terms like Strategies, Payoffs, Equilibrium and more.
Devising policies to promote people’s wellbeing requires an understanding of the difference between situations in which self-interest can promote general wellbeing, and cases in which it leads to undesirable results. To analyse this, we will introduce game theory, a way of modelling how people interact.
Game theory is a way of understanding how people interact based on the constraints that limit their actions, their motives, and their beliefs about what others will do. Experiments and other evidence show that self-interest, a concern for others, and a preference for fairness are all important motives that explain how people interact.
1. GAME THEORY DEFINITIONS. 1.1 Dominant strategy . 1.2 Nash Equilibrium. 1.3 Maximin strategy. 1.1 Dominant Strategy. A player will have a dominant strategy if its choice is optimal regardless of what the opponent does. A strategy is dominant if it pays at least as much as any other strategy regardless the action of the other player.
2 sty 2022 · Here is a quizlet matching revision activity on key terms in Game Theory. Key terms to revise Altruism: The willingness to bear a cost in order to benefit somebody else.
