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Game Theory (Contexts (Global behaviour, Economics / Political science,…
Game Theory
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Pareto optimality
:red_flag:A concept of efficiency used in the social sciences, including economics and political science, named for the Italian sociologist Vilfredo Pareto.
:red_flag:A state of affairs is Pareto-optimal if and only if there is no alternative state that would make some people better off without making anyone worse off.
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Forms
Normal
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:pen:Eg. games including hidden information, chance
Extensive
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:pen:Eg. games of perfect knowledge - chess, go
definition
the study of mathematical models of conflict and cooperation between intelligent, rational decision-makers
Streategy
In game theory, a player's strategy is any of the options which he or she chooses in a setting where the outcome depends not only on their own actions but on the actions of others.
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Mixed strategy
:red_flag:In a mixed strategy, a player chooses a probability distribution over the set of actions available to him.
Nash equilibrium
:red_flag:A stable state of a system involving the interaction of different participants, in which no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.
Eg:
:pen: Prisonners’ dilemma
:pen: Mutual Assured Destruction
:pen: Stag hunt
:pen: Battle of the sexes
:pen: Nim