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Focal Point (game Theory)
In game theory, a focal point (or Schelling point) is a solution that people tend to choose by default in the absence of communication in order to avoid Coordination game#Experimental results, coordination failure. The concept was introduced by the American economist Thomas Schelling in his book ''The Strategy of Conflict'' (1960). Schelling states that "[p]eople ''can'' often concert their intentions or expectations with others if each knows that the other is trying to do the same" in a cooperative situation (p. 57), so their action would converge on a focal point which has some kind of prominence compared with the environment. However, the conspicuousness of the focal point depends on time, place and people themselves. It may not be a definite solution. Existence The existence of the focal point is first demonstrated by Schelling with a series of questions. Here is one example: to determine the time and place to meet a stranger in New York City, but without being able to communi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of Human behavior, behavioral relations. It is now an umbrella term for the science of rational Decision-making, decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nash Equilibrium
In game theory, the Nash equilibrium is the most commonly used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). The idea of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to his model of competition in an oligopoly. If each player has chosen a strategy an action plan based on what has happened so far in the game and no one can increase one's own expected payoff by changing one's strategy while the other players keep theirs unchanged, then the current set of strategy choices constitutes a Nash equilibrium. If two players Alice and Bob choose strategies A and B, (A, B) is a Nash equilibrium if Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B, and Bob has no other strategy available that does better than B at maximizing his payoff in response to Alice c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rendezvous Problem
Rendezvous or rendez-vous may refer to: Arts and entertainment Film and television * The Rendezvous (1923 film), ''The Rendezvous'' (1923 film), a silent film adventure melodrama * Rendezvous (1930 film), ''Rendezvous'' (1930 film), a German musical directed by Carl Boese * Rendezvous (1935 film), ''Rendezvous'' (1935 film), a spy film set in World War I * Rendezvous (1952 TV series), ''Rendezvous'' (1952 TV series), an American TV series starring Ilona Massey as a spy * Rendezvous (TV series), ''Rendezvous'' (TV series), a 1957 anthology series, later retitled ''Schilling Playhouse'' * The Rendezvous (1972 film), ''The Rendezvous'' (1972 film), a Japanese film * ''C'était un rendez-vous'', a 1976 French short film by Claude Lelouch * Rendez-vous (1985 film), ''Rendez-vous'' (1985 film), a French drama * Alias (TV series), "Rendezvous" (''Alias''), a 2002 television episode * Rendezvous (Prison Break), "Rendezvous" (''Prison Break''), a 2006 television episode * ''The Rend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equilibrium Selection
Equilibrium selection is a concept from game theory which seeks to address reasons for players of a game to select a certain equilibrium over another. The concept is especially relevant in evolutionary game theory, where the different methods of equilibrium selection respond to different ideas of what equilibria will be stable and persistent for one player to play even in the face of deviations (and mutations) of the other players. This is important because there are various equilibrium concepts, and for many particular concepts, such as the Nash equilibrium, many games have multiple equilibria. Equilibrium Selection with Repeated Games A stage game is an n-player game where players choose from a finite set of actions, and there is a payoff profile for their choices. A repeated game is playing a number of repetitions of a stage game in discrete periods of time (Watson, 2013). A player's reputation affects the actions and behavior of the other players. In other words, how a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surprisingly Popular
The surprisingly popular answer is a wisdom of the crowd technique that taps into the expert minority opinion within a crowd. For a given question, a group is asked two questions: * What is the probability that this answer is correct? (Which answers are most likely to be right?) * What is the average probability others will give to this answer? (Which answers will be most popular?) The answer that maximizes the average difference between the "right" and "popular" answers is the "surprisingly popular" answer. The term "surprisingly popular" was coined in a 2017 paper published in ''Nature'' entitled "A solution to the single-question crowd wisdom problem", which outlined the technique. Algorithm Suppose we'd like to determine the answer to the question "Is Philadelphia the capital of Pennsylvania?" The two questions asked of the group, and the average responses, are: : Is Philadelphia the capital of Pennsylvania? ("Right" question) :* Yes: 65% (average probability) :* No: 35% (av ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simultaneous Game
In game theory, a simultaneous game or static game is a game where each player chooses their action without knowledge of the actions chosen by other players. Simultaneous games contrast with sequential games, which are played by the players taking turns (moves alternate between players). In other words, both players normally act at the same time in a simultaneous game. Even if the players do not act at the same time, both players are uninformed of each other's move while making their decisions. Normal form game, Normal form representations are usually used for simultaneous games. Given a continuous game, players will have different Information set (game theory), information sets if the game is simultaneous than if it is sequential because they have less information to act on at each step in the game. For example, in a two player continuous game that is sequential, the second player can act in response to the action taken by the first player. However, this is not possible in a simu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coordination Failure (economics)
In economics, coordination failure is a concept that can explain recessions through the failure of firms and other price setters to coordinate. In an economic system with multiple equilibria, coordination failure occurs when a group of firms could achieve a more desirable equilibrium but fail to because they do not coordinate their decision making. Coordination failure can result in a self-fulfilling prophecy.Romer, 305. For example, if one firm decides a recession is imminent and fires its workers, other firms might lose demand from the lay-offs and respond by firing their own workers leading to a recession at a new equilibrium. Coordination failure can also be associated with sunspot equilibria (where equilibria are the result of variables that do not have any real impact on fundamentals) and animal spirits. Coordination failure can lead to an underemployment equilibrium. Coordination failure also implies that fiscal policy can mitigate the effects of recessions, or eve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of Human behavior, behavioral relations. It is now an umbrella term for the science of rational Decision-making, decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Of Chicken
The game of chicken, also known as the hawk-dove game or snowdrift game, is a model of conflict for two players in game theory. The principle of the game is that while the ideal outcome is for one player to yield (to avoid the worst outcome if neither yields), individuals try to avoid it out of pride, not wanting to look like "chickens". Each player taunts the other to increase the risk of shame in yielding. However, when one player yields, the conflict is avoided, and the game essentially ends. The name "chicken" has its origins in a game in which two drivers drive toward each other on a collision course: one must swerve, or both may die in the crash, but if one driver swerves and the other does not, the one who swerved will be called a "chicken", meaning a coward; this terminology is most prevalent in political science and economics. The name "hawk–dove" refers to a situation in which there is a competition for a shared resource and the contestants can choose either conciliat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Left- And Right-hand Traffic
Left-hand traffic (LHT) and right-hand traffic (RHT) are the practices, in bidirectional traffic, of keeping to the left side or to the right side of the road, respectively. They are fundamental to traffic flow, and are sometimes called the '' rule of the road''. The terms right- and left-hand ''drive'' refer to the position of the driver and the steering wheel in the vehicle and are, in automobiles, the reverse of the terms right- and left-hand ''traffic''. The rule also includes where on the road a vehicle is to be driven, if there is room for more than one vehicle in one direction, and the side on which the vehicle in the rear overtakes the one in the front. For example, a driver in an LHT country would typically overtake on the right of the vehicle being overtaken. RHT is used in 165 countries and territories, mainly in the Americas, Continental Europe, most of Africa and mainland Asia (except South Asia and Thailand), while 75 countries use LHT, which account for about a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Focal Point Squares
Focal or FOCAL may refer to: *Focal (lexicographical website), an Irish lexicographical website *FOCAL (programming language), a programming language for the PDP-8 and similar machines * Focal (HP-41), for programming HP calculators * FOCAL (spacecraft), a proposed space telescope * FOCAL International, a trade body representing the film archive industry * Focal-JMLab, a French manufacturer of audio equipment * Focal Radio, a radio station based in Stoke-on-Trent, England *Focal neurologic signs Focal neurologic signs, also known as focal neurological deficits or focal CNS signs, are impairments of nerve, spinal cord, or brain function that affects a specific region of the body, e.g. weakness in the left arm, the right leg, paresis, or ... See also * Focal point (other) * Focus (other) * {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coordination Game
A coordination game is a type of simultaneous game found in game theory. It describes the situation where a player will earn a higher payoff when they select the same course of action as another player. The game is not one of pure conflict, which results in multiple pure strategy Nash equilibrium, Nash equilibria in which players choose matching strategies. Figure 1 shows a 2-player example. Both (Up, Left) and (Down, Right) are Nash equilibria. If the players expect (Up, Left) to be played, then player 1 thinks their payoff would fall from 2 to 1 if they deviated to Down, and player 2 thinks their payoff would fall from 4 to 3 if they chose Right. If the players expect (Down, Right), player 1 thinks their payoff would fall from 2 to 1 if they deviated to Up, and player 2 thinks their payoff would fall from 4 to 3 if they chose Left. A player's optimal move depends on what they expect the other player to do, and they both do better if they coordinate than if they played an off-e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
