In 1754, Jean Jacques Rousseau wrote Discourse on Inequality as his entry to a competition being held by the Academy of Dijon. Written in part to refute the claims of Locks and Hobbes on the…
Category: Economics & Game Theory
What Is The Nash Equilibrium Of The Prisoner’s Dilemma?
“The Nash Equilibrium” is the most common way to define the solution of a non-cooperative game involving two or more players, such as “The Prisoner’s Dilemma”. In non-cooperative games, “Nash Equilibrium” occurs…
The Story Of The Prisoner’s Dilemma
In 1950, mathematicians Melvin Dresher and Merrill Flood conducted an experiment at the Rand Corporation to test “The Nash Equilibrium”. Considered to be “the most famous and troubling game in game theory”,…
What Is The Nash Equilibrium?
John Nash developed a criterion for the mutual consistency of players’ strategies which proved mathematically that every finite game has an equilibrium known as a “Nash Equilibrium”, provided that one “generalizes the concept of…
43 Resources For Your Game Theory DYOR
Please enjoy this list of game theory resources! Thanks for reading!
What Is The History Of Game Theory?
Game Theory wasn’t spawned in a vacuum of ideas. While not formalized as a science until the 1940s, the idea of the theory of games has been implied in a variety of…
Distinguishing Between Non-Cooperative And Cooperative Game Theory
One can divide the study of game theory into two parts – the study of non-cooperative games, and the study of cooperative games. Strategic games model situations in which individual agents selfishly…
What Is A Game In Game Theory?
The object of study in Game Theory is the “game”, which is a formal description of a strategic situation. In a game, each decision-maker (player) chooses its strategy to maximize its utility,…
What Is Game Theory?
According to Mario Flores: “Problems in biological, social or economic environments deal with several agents making decisions that affect one another… Game theory developed as a formal analysis of these situations… it provided…
Don’t Hold Dollars, Hold HULK #181
Although a bit tongue-and-cheek, one can’t help but wonder – how has the U.S. Dollar performed relative to stocks, bonds, and collectibles over the last 20 years or so? How much has…