|
Minimum Effort Game
In game theory, the minimum effort game or weakest link game is a game in which each person decides how much effort to put in and is rewarded based on the least amount of effort anyone puts in. It is assumed that the reward per unit of effort is greater than the cost per unit effort, otherwise there would be no reason to put in effort. Examples * On an island, each person tries to build barriers to protect an island from flooding. Because even a single failed barriers causes the whole island to flood, the flood protection is determined by the weakest barrier. * An airport ground crew must complete all their tasks before an airplane can take off. As a result, the time spent is based on the slowest member of the ground crew. Nash equilibria Source: If there are n players, the set of effort levels is A=\, it costs each player c dollars to put in one unit of effort, and each player is rewarded b dollars for each unit of effort the laziest person puts in, then there are K pure-st ... [...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] |
Flood Barrier
A flood barrier, surge barrier or storm surge barrier is a specific type of floodgate, designed to prevent a storm surge or spring tide from flooding the protected area behind the barrier. A surge barrier is almost always part of a larger flood protection system consisting of floodwalls, levees (also known as dikes), and other constructions and natural geographical features. Flood barrier may also refer to barriers placed around or at individual buildings to keep floodwaters from entering the buildings. Examples Delta Works The Delta Works in the Netherlands is the largest flood protection project in the world. This project consists of a number of surge barriers, the Oosterscheldekering being the largest surge barrier in the world, long. Other examples include the Maeslantkering, Haringvlietdam and the Hartelkering. Thames Barrier The Thames Barrier is the world's second largest movable flood barrier (after the Oosterscheldekering and the Haringvlietdam) and is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MDPI
MDPI (Multidisciplinary Digital Publishing Institute) is a publisher of open-access scientific journals. It publishes over 390 peer-reviewed, open-access journals. MDPI is among the largest publishers in the world in terms of journal article output, and is the largest publisher of open access articles. It was founded by Shu-Kun Lin as a chemical sample archive. Between 2016 and 2020, the number of peer-reviewed papers published by MDPI grew significantly, with year-over-year growth of over 50% in 2017, 2018 and 2019, attracting attention to their very fast article processing times. In a review of 26 open-access "mega-journals" that published over 3,500 papers in 2022, 11 (42%) of the journals were from MDPI. Besides launching its own journals, MDPI has acquired journals from other publishers, such as ''Tomography'' from Grapho Publications in 2021, and ''Nursing Reports'' and ''Audiology Research'' from PagePress Publications in 2020. As of January 2024, MDPI publishes 433 aca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nash Equilibria
In game theory, the Nash equilibrium is the most commonly used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). The idea of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to his model of competition in an oligopoly. If each player has chosen a strategy an action plan based on what has happened so far in the game and no one can increase one's own expected payoff by changing one's strategy while the other players keep theirs unchanged, then the current set of strategy choices constitutes a Nash equilibrium. If two players Alice and Bob choose strategies A and B, (A, B) is a Nash equilibrium if Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B, and Bob has no other strategy available that does better than B at maximizing his payoff in response to Alice ... [...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] |
Mathematical Economics
Mathematical economics is the application of Mathematics, mathematical methods to represent theories and analyze problems in economics. Often, these Applied mathematics#Economics, applied methods are beyond simple geometry, and may include differential and integral calculus, Recurrence relation, difference and differential equations, Matrix (mathematics), matrix algebra, mathematical programming, or other Computational economics, computational methods.TOC. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
