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Krasnystaw
Krasnystaw [krasˈnɨstaf] (Ukrainian: Красностав Krasnostav) is a town in eastern Poland with 19,750 inhabitants (29 March 2011). Situated in the Lublin Voivodeship (since 1999), previously in Chełm Voivodeship (1975–1998). It is the capital of Krasnystaw County. The town is famous for its beer festival called Chmielaki (Polish: chmiel means hop), and for its dairy products, such as jogusie and kefir. Krasnystaw is near the border of Ukraine [...More Info...] [...Related Items...] 

Nash Equilibrium
In game theory, the Nash equilibrium, named after the mathematician John Forbes Nash Jr., is a proposed solution of a noncooperative game involving two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy. In terms of game theory, if each player has chosen a strategy, and no player can benefit by changing strategies while the other players keep theirs unchanged, then the current set of strategy choices and their corresponding payoffs constitutes a Nash equilibrium. Stated simply, Alice and Bob are in Nash equilibrium if Alice is making the best decision she can, taking into account Bob's decision while his decision remains unchanged, and Bob is making the best decision he can, taking into account Alice's decision while her decision remains unchanged [...More Info...] [...Related Items...] 

Normalform Game
In game theory, normal form is a description of a game. Unlike extensive form, normalform representations are not graphical per se, but rather represent the game by way of a matrix. While this approach can be of greater use in identifying strictly dominated strategies and Nash equilibria, some information is lost as compared to extensiveform representations. The normalform representation of a game includes all perceptible and conceivable strategies, and their corresponding payoffs, for each player. In static games of complete, perfect information, a normalform representation of a game is a specification of players' strategy spaces and payoff functions. A strategy space for a player is the set of all strategies available to that player, whereas a strategy is a complete plan of action for every stage of the game, regardless of whether that stage actually arises in play [...More Info...] [...Related Items...] 

Preference (economics)
In economics and other social sciences, preference is the order that a person (an agent) gives to alternatives based on their relative utility, a process which results in an optimal "choice" (whether real or theoretical). Instead of the prices of goods, personal income, or availability of goods, the character of the preferences is determined purely by a person's tastes. However, persons are still expected to act in their best (that is, rational) interest. Using the scientific method, social scientists try to model how people make practical decisions in order to test predictions about human behavior [...More Info...] [...Related Items...] 

Solved Game A solved game is a game whose outcome (win, lose or draw) can be correctly predicted from any position, assuming that both players play perfectly. This concept is usually applied to abstract strategy games, and especially to games with full information and no element of chance; solving such a game may use combinatorial game theory and/or computer assistance. 

Succinct Game
In algorithmic game theory, a succinct game or a succinctly representable game is a game which may be represented in a size much smaller than its normal form representation. Without placing constraints on player utilities, describing a game of players, each facing strategies, requires listing utility values. Even trivial algorithms are capable of finding a Nash equilibrium in a time polynomial in the length of such a large input [...More Info...] [...Related Items...] 

Economic Equilibrium
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard textbook model of perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and the quantity is called the "competitive quantity" or market clearing quantity [...More Info...] [...Related Items...] 

Solution Concept
In game theory, a solution concept is a formal rule for predicting how a game will be played. These predictions are called "solutions", and describe which strategies will be adopted by players and, therefore, the result of the game. The most commonly used solution concepts are equilibrium concepts, most famously Nash equilibrium. Many solution concepts, for many games, will result in more than one solution. This puts any one of the solutions in doubt, so a game theorist may apply a refinement to narrow down the solutions [...More Info...] [...Related Items...] 

Subgame Perfect Equilibrium
In game theory, a subgame perfect equilibrium (or subgame perfect Nash equilibrium) is a refinement of a Nash equilibrium used in dynamic games. A strategy profile is a subgame perfect equilibrium if it represents a Nash equilibrium of every subgame of the original game. Informally, this means that if the players played any smaller game that consisted of only one part of the larger game, their behavior would represent a Nash equilibrium of that smaller game. Every finite extensive game has a subgame perfect equilibrium. A common method for determining subgame perfect equilibria in the case of a finite game is backward induction. Here one first considers the last actions of the game and determines which actions the final mover should take in each possible circumstance to maximize his/her utility [...More Info...] [...Related Items...] 

Graphical Game Theory
In game theory, the common ways to describe a game are the normal form and the extensive form. The graphical form is an alternate compact representation of a game using the interaction among participants. Consider a game with players with strategies each. We will represent the players as nodes in a graph in which each player has a utility function that depends only on him and his neighbors [...More Info...] [...Related Items...] 

Mertensstable Equilibrium
Mertens stability is a solution concept used to predict the outcome of a noncooperative game. A tentative definition of stability was proposed by Elon Kohlberg and JeanFrançois Mertens for games with finite numbers of players and strategies. Later, Mertens proposed a stronger definition that was elaborated further by Srihari Govindan and Mertens. This solution concept is now called Mertens stability, or just stability. Like other refinements of Nash equilibrium used in game theory stability selects subsets of the set of Nash equilibria that have desirable properties [...More Info...] [...Related Items...] 