Glossary

 

• Equilibrium
• Game Theory
• Hawks and Doves
• Minimax Theorem
• Payoff Matrix
• Prisoner's Dilemma
• Public Goods Game
• Ultimatum Game
• Zero-Sum

Equilibrium

When no player has anything to gain by switching strategies, an equilibrium is reached.

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Game Theory

Game theory is the mathematical study of social interactions as games that have payoffs for the players.

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Hawks and Doves

Hawks and Doves is a classic game that serves as a rudimentary model for the evolution of cooperative and aggressive behavior in animal populations.

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Minimax Theorem

In a zero-sum game, the best strategy is the one that minimizes the greatest potential loss.

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Payoff Matrix

This is a way to collect and analyze all possible strategies and results in a game.

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Prisoner's Dilemma

The Prisoner's Dilemma is a classic example of a non-zero-sum game. Briefly, two criminals are apprehended and must decide whether or not to betray the other. They are not allowed to communicate with each other. Some outcomes of the game are demonstrably better for both players than other outcomes.

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Public Goods Game

This game seeks to model how resources are divided among people.

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Ultimatum Game

The ultimatum game is sometimes used by anthropologists to measure what cultures consider to be "fair." In the game, one person is given a sum of money to share with another person. The second person can elect to accept or reject the offer. If the offer is rejected, no one gets any money.

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Zero-Sum

Zero-sum games are games in which one player's loss is exactly equal to another player's gain.

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