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A. Derek Abbott – quantum game theory and Parrondo's games. Susanne Albers – algorithmic game theory and algorithm analysis. Kenneth Arrow – voting theory ( Nobel Memorial Prize in Economic Sciences in 1972) Robert Aumann – equilibrium theory ( Nobel Memorial Prize in Economic Sciences in 2005) Robert Axelrod – repeated Prisoner's ...
t. e. Game theory is the study of mathematical models of strategic interactions. [1] It has applications in many fields of social science, used extensively in economics as well as in logic, systems science and computer science. [2] Initially game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly ...
Oskar Morgenstern. Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist. In collaboration with mathematician John von Neumann, he founded the mathematical field of game theory as applied to the social sciences and strategic decision-making (see von Neumann–Morgenstern utility theorem ).
1629708. Theory of Games and Economic Behavior, published in 1944 [1] by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory. [2] In the introduction of its 60th anniversary ...
Perfect information: A game has perfect information if it is a sequential game and every player knows the strategies chosen by the players who preceded them. 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 ...
For the economic concept, see monetary policy reaction function. In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given ( Fudenberg & Tirole 1991, p. 29; Gibbons 1992, pp. 33–49). The concept of a best response is central to John Nash ...
Tit for tat is an English saying meaning "equivalent retaliation ". It is an alteration of tip for tap "blow for blow", [1] first recorded in 1558. [2] It is also a highly effective strategy in game theory. An agent using this strategy will first cooperate, then subsequently replicate an opponent's previous action.
In applied game theory, the definition of the strategy sets is an important part of the art of making a game simultaneously solvable and meaningful. The game theorist can use knowledge of the overall problem, that is the friction between two or more players, to limit the strategy spaces, and ease the solution. For instance, strictly speaking in ...