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Strategic Move
A strategic move in game theory is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. Strategic moves can either be ''unconditional moves'' or ''response rules''. The key characteristics of a strategic move are that it involves a ''commitment'' from the player, meaning the player can only restrict their own choices and that the commitment has to be ''credible'', meaning that once employed it must be in the interest of the player to follow through with the move. Credible moves should also be observable to the other players. Strategic moves are not ''warnings'' or ''assurances.'' Warnings and assurances are merely statements of a player's interest, rather than an actual ''commitment'' from the player. The term was coined by Thomas Schelling in his 1960 book, ''The Strategy of Conflict'', and has gained wide currency in political science and industrial organization In economics, industrial organiza ... [...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] |
Thomas Schelling
Thomas Crombie Schelling (April 14, 1921 – December 13, 2016) was an American economist and professor of foreign policy, national security, nuclear strategy, and arms control at the School of Public Policy at the University of Maryland, College Park. He was also co-faculty at the New England Complex Systems Institute. Schelling was awarded the 2005 Nobel Memorial Prize in Economic Sciences (shared with Robert Aumann) for "having enhanced our understanding of conflict and cooperation through game theory analysis." Biography Early years Schelling was born on April 14, 1921, in Oakland, California. He graduated from San Diego High School. He received his bachelor's degree in economics from the University of California, Berkeley, in 1944 and received his PhD in economics from Harvard University in 1951. Career Schelling served with the Marshall Plan in Europe, the White House, and the Executive Office of the President from 1948 to 1953. He wrote most of his dissertation o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Science
Political science is the scientific study of politics. It is a social science dealing with systems of governance and Power (social and political), power, and the analysis of political activities, political philosophy, political thought, political behavior, and associated constitutions and laws. Specialists in the field are political scientists. History Origin Political science is a social science dealing with systems of governance and power, and the analysis of political activities, political institutions, political thought and behavior, and associated constitutions and laws. As a social science, contemporary political science started to take shape in the latter half of the 19th century and began to separate itself from political philosophy and history. Into the late 19th century, it was still uncommon for political science to be considered a distinct field from history. The term "political science" was not always distinguished from political philosophy, and the modern dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Organization
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions. There are different approaches to the subject. One approach is descriptive in providing an overview of industrial organization, such as measures of competition and the size- concentration of firms in an industry. A second approach uses microeconomic models to explain internal firm organization and market strategy, which includes internal research and development along with issues of internal reorganization and rene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Avinash Dixit
Avinash Kamalakar Dixit (born 6 August 1944) is an Indian-American economist. He is the John J. F. Sherrerd '52 University Professor of Economics Emeritus at Princeton University, and has been distinguished adjunct professor of economics at Lingnan University (Hong Kong), senior research fellow at Nuffield College, Oxford and Sanjaya Lall Senior Visiting Research Fellow at Green Templeton College, Oxford. Education Dixit received a B.Sc. from University of Mumbai ( St. Xavier's College) in 1963 in Mathematics and Physics, a B.A. from Cambridge University in 1965 in Mathematics ( Corpus Christi College, First Class), and a Ph.D. in 1968 from the Massachusetts Institute of Technology in Economics. Career Dixit is the John J. F. Sherrerd '52 University Professor of Economics at Princeton University since July 1989, and Emeritus since 2010. He was also distinguished adjunct professor of economics at Lingnan University (Hong Kong), senior research fellow at Nuffield ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barry Nalebuff
Barry J. Nalebuff (born July 11, 1958) is an American businessman, business theorist, and writer. He is a Milton Steinbach Professor of Management at Yale School of Management and author who specializes in business strategy and game theory. His published books include ''Thinking Strategically'' and ''The Art of Strategy.'' Nalebuff's class on negotiation has over 67,000 active learners through Coursera and has the second-highest net promoter score on the platform. He has a semi-regular column in ''Forbes'' with Ian Ayres called "Why Not?" Nalebuff also has multiple entrepreneurial ventures. He was a co-founder of Honest Tea and Kombrewcha. He serves on the board of Q Drinks (started by his former student Jordan Silbert), Calicraft Beer, and AGP Glass. Education Nalebuff graduated in 1976 from the Belmont Hill School and in 1980 from MIT with degrees in economics and mathematics. He then earned his master's degree and doctorate in economics from Oxford University on a Rhodes Sc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Competitive Edge In Business, Politics, And Everyday Life
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
