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Matching Pennies
Matching pennies is the name for a simple game used in game theory. It is played between two players, Even and Odd. Each player has a penny and must secretly turn the penny to heads or tails. The players then reveal their choices simultaneously. If the pennies match (both heads or both tails), then Even keeps both pennies, so wins one from Odd (+1 for Even, −1 for Odd). If the pennies do not match (one heads and one tails) Odd keeps both pennies, so receives one from Even (−1 for Even, +1 for Odd). Theory Matching Pennies is a zero-sum game because each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants. If the participants' total gains are added up and their total losses subtracted, the sum will be zero. The game can be written in a payoff matrix (pictured right - from Even's point of view). Each cell of the matrix shows the two players' payoffs, with Even's payoffs listed first. Matching pennies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game 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 mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rock Paper Scissors
Rock paper scissors (also known by other orderings of the three items, with "rock" sometimes being called "stone," or as Rochambeau, roshambo, or ro-sham-bo) is a hand game originating in China, usually played between two people, in which each player simultaneously forms one of three shapes with an outstretched hand. These shapes are "rock" (a closed fist), "paper" (a flat hand), and "scissors" (a fist with the index finger and middle finger extended, forming a V). "Scissors" is identical to the two-fingered V sign (also indicating "victory" or "peace") except that it is pointed horizontally instead of being held upright in the air. A simultaneous, zero-sum game, it has three possible outcomes: a draw, a win or a loss. A player who decides to play rock will beat another player who has chosen scissors ("rock crushes scissors" or "breaks scissors" or sometimes "blunts scissors"), but will lose to one who has played paper ("paper covers rock"); a play of paper will lose to a play of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Odds And Evens (hand Game)
Odds and evens is a simple game of chance and hand game, involving two people simultaneously revealing a number of fingers and winning or losing depending on whether they are odd or even, or alternatively involving one person picking up coins or other small objects and hiding them in their closed hand, while another player guesses whether they have an odd or even number. The game may be used to make a decision or played for fun. The finger game is also known as swords, choosies, pick, odds-on poke, or bucking up. This zero-sum game, a variation of the ancient morra and ''par-impar'', is played in Europe, the US, and in Brazil, especially among children. History This game was known by the Greeks (as ''artiazein'') and Romans (as ''ludere par impar''). In the 1858 Krünitzlexikon it says: ''"The game Odds and Evens was very common amongst the Romans and was played either with tali, tesseris, or money and known as "Alea maior", or with nuts, beans and almonds and known as "Alea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tennis
Tennis is a racket sport that is played either individually against a single opponent ( singles) or between two teams of two players each ( doubles). Each player uses a tennis racket that is strung with cord to strike a hollow rubber ball covered with felt over or around a net and into the opponent's court. The object of the game is to manoeuvre the ball in such a way that the opponent is not able to play a valid return. The player who is unable to return the ball validly will not gain a point, while the opposite player will. Tennis is an Olympic sport and is played at all levels of society and at all ages. The sport can be played by anyone who can hold a racket, including wheelchair users. The modern game of tennis originated in Birmingham, England, in the late 19th century as lawn tennis. It had close connections both to various field (lawn) games such as croquet and bowls as well as to the older racket sport today called real tennis. The rules of modern tennis have ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penalty Kick (association Football)
A penalty kick (commonly known as a penalty or a spot kick) is a method of restarting play in association football, in which a player is allowed to take a single shot at the goal while it is defended only by the opposing team's goalkeeper. It is awarded when an offence punishable by a direct free kick is committed by a player in their own penalty area. The shot is taken from the penalty mark, which is 11 m (12 yards) from the goal line and centred between the touch lines. Procedure The ball is placed on the penalty mark, regardless of where in the penalty area the foul occurred. The player taking the kick must be identified to the referee. Only the kicker and the defending team's goalkeeper are allowed to be within the penalty area; all other players must be within the field of play, outside the penalty area, behind the penalty mark, and a minimum of 9.15m (10 yd) from the penalty mark (this distance is denoted by the penalty arc). The goalkeeper is allowed to move before the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Soccer
Association football, more commonly known as football or soccer, is a team sport played between two teams of 11 players who primarily use their feet to propel the ball around a rectangular field called a pitch. The objective of the game is to score more goals than the opposition by moving the ball beyond the goal line into a rectangular framed goal defended by the opposing side. Traditionally, the game has been played over two 45 minute halves, for a total match time of 90 minutes. With an estimated 250 million players active in over 200 countries, it is considered the world's most popular sport. The game of association football is played in accordance with the Laws of the Game, a set of rules that has been in effect since 1863 with the International Football Association Board (IFAB) maintaining them since 1886. The game is played with a football that is in circumference. The two teams compete to get the ball into the other team's goal (between the posts and under t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economic Studies
''The Review of Economic Studies'' (also known as ''REStud'') is a quarterly peer-reviewed academic journal covering economics. It was established in 1933 by a group of economists based in Britain and the United States. The original editorial team consisted of Abba P. Lerner, Paul Sweezy, and Ursula Kathleen Hicks. It is published by Oxford University Press. The journal is widely considered one of the top 5 journals in economics. It is managed by the editorial board currently chaired by Nicola Fuchs-Schündeln (Goethe University Frankfurt). The current joint managing editors are Thomas Chaney (Sciences Po), Andrea Galeotti (London Business School), Nicola Gennaioli (Bocconi University), Veronica Guerrieri (University of Chicago), Kurt Mitman (Institute for International Economic Studies, Stockholm University), Francesca Molinari (Cornell University), Uta Schönberg (University College London), and Adam Szeidl (Central European University). According to the ''Journal Citation Repor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Aversion
In economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff. For example, a risk-averse investor might choose to put their money into a bank account with a low but guaranteed interest rate, rather than into a stock that may have high expected returns, but also involves a chance of losing value. Example A person is given the choice between two scenarios: one with a guaranteed payoff, and one with a risky payoff with same average value. In the former scenario, the person receives $50. In the uncertain scenario, a coin is flipped to decide whether the person receives $100 or nothing. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantal Response Equilibrium
Quantal response equilibrium (QRE) is a solution concept in game theory. First introduced by Richard McKelvey and Thomas Palfrey, it provides an equilibrium notion with bounded rationality. QRE is not an equilibrium refinement, and it can give significantly different results from Nash equilibrium. QRE is only defined for games with discrete strategies, although there are continuous-strategy analogues. In a quantal response equilibrium, players are assumed to make errors in choosing which pure strategy to play. The probability of any particular strategy being chosen is positively related to the payoff from that strategy. In other words, very costly errors are unlikely. The equilibrium arises from the realization of beliefs. A player's payoffs are computed based on beliefs about other players' probability distribution over strategies. In equilibrium, a player's beliefs are correct. Application to data When analyzing data from the play of actual games, particularly from laborato ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Framing Effect
In the social sciences, framing comprises a set of concepts and theoretical perspectives on how individuals, groups, and societies organize, perceive, and communicate about reality. Framing can manifest in thought or interpersonal communication. ''Frames in thought'' consist of the mental representations, interpretations, and simplifications of reality. ''Frames in communication'' consist of the communication of frames between different actors. Framing is a key component of sociology, the study of social interaction among humans. Framing is an integral part of conveying and processing data on a daily basis. Successful framing techniques can be used to reduce the ambiguity of intangible topics by contextualizing the information in such a way that recipients can connect to what they already know. In social theory, framing is a schema of interpretation, a collection of anecdotes and stereotypes, that individuals rely on to understand and respond to events. Goffman, E. (1974). F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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