Pareto Optimal Games

2017-07-19T09:37:10+00:00

Pareto Optimality The stag hunt game illustrates the concept of Pareto optimality within game theory. The option of both players hunting a stag is considered Pareto optimal because players can not switch to any other outcome and make at least one party better off without making anyone worse off In economics Pareto optimality, [...]

Solution Concept

2017-07-19T09:38:03+00:00

Solution Concept A solution concept is a formal rule that defines how agents should play the game. As such it may be understood as akin to an algorithm that specifies what actions the agents should take In game theory, a solution concept is a model or rule for predicting how a game will [...]

Non-Cooperative Games

2017-07-19T09:38:45+00:00

In game theory, a primary distinction is made between those game structures that are cooperative and those that are non-cooperative. As we will see the fundamental dynamics surrounding the whole game are altered as we go from games whose structure is innately com

Elements of Games

2017-07-19T09:39:34+00:00

Elements of Games Games involve adaptive agents(players) that act under a certain set of rules(strategies) in order to effect a certain outcome(payoffs) A game in game theory is any situation involvingĀ the interdependence between adaptive agents as they make choices that affect each other and the overall outcome of the situation. Games can be [...]

Games Models

2017-07-19T09:40:19+00:00

Games Models Game theory tries to model situations of interdependence between adaptive agents, as can be found in virtually all human interaction. This article covers the basic features to the model of games within game theory. We talk about the two basic forms of representation, that of the normal form in a matrix [...]

Game Theory Overview

2017-07-19T09:48:10+00:00

Game theory is the domain of applied mathematics that studies situations of interdependence between adaptive agents. A game is a system wherein adaptive agents are interdependent in effecting each other and the overall outcome.