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Win-lose Deal
Zero-sum game is a mathematical representation in game theory and economic theory of a situation which involves two sides, where the result is an advantage for one side and an equivalent loss for the other. In other words, player one's gain is equivalent to player two's loss, therefore the net improvement in benefit of the game is zero. If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus, cutting a cake, where taking a more significant piece reduces the amount of cake available for others as much as it increases the amount available for that taker, is a zero-sum game if all participants value each unit of cake equally. Other examples of zero-sum games in daily life include games like poker, chess, and bridge where one person gains and another person loses, which results in a zero-net benefit for every player. In the markets and financial instruments, futures contracts and options are zero-sum games as well. In c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Model
A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. Mathematical models are used in the natural sciences (such as physics, biology, earth science, chemistry) and engineering disciplines (such as computer science, electrical engineering), as well as in non-physical systems such as the social sciences (such as economics, psychology, sociology, political science). The use of mathematical models to solve problems in business or military operations is a large part of the field of operations research. Mathematical models are also used in music, linguistics, and philosophy (for example, intensively in analytic philosophy). A model may help to explain a system and to study the effects of different components, and to make predictions about behavior. Elements of a mathematical model Mathematical models can take many forms, including dynamical systems, statisti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mixed Strategy
In game theory, a player's strategy is any of the options which they choose in a setting where the outcome depends ''not only'' on their own actions ''but'' on the actions of others. The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. A player's strategy will determine the action which the player will take at any stage of the game. In studying game theory, economists enlist a more rational lens in analyzing decisions rather than the psychological or sociological perspectives taken when analyzing relationships between decisions of two or more parties in different disciplines. The strategy concept is sometimes (wrongly) confused with that of a move. A move is an action taken by a player at some point during the play of a game (e.g., in chess, moving white's Bishop a2 to b3). A strategy on the other hand is a complete algorithm for p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: SAGE Publications. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. Rationality can be used as an assumption for the behaviour of individuals in a wide range of contexts outside of economics. It is also used in political science, sociology, and philosophy. Overview The basic premise of rational choice theory is that the decisions made by individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oskar Morgenstern
Oskar Morgenstern (January 24, 1902 – July 26, 1977) was an Austrian-American economist. In collaboration with mathematician John von Neumann, he founded the mathematical field of game theory as applied to the social sciences and strategic decision-making (see von Neumann–Morgenstern utility theorem). Companies he served as founder/co-founder of included Market Research Corporation of America, Mathematica and Mathematica Policy Research. Biography Morgenstern was born in Görlitz in the Prussian Province of Silesia. His mother was said to be a daughter of Emperor Frederick III of Germany. Morgenstern grew up in Vienna, Austria, where he also went to university. In 1925, he graduated from the University of Vienna and got his PhD in political science. From 1925 until 1928, he went on a three-year fellowship financed by the Rockefeller Foundation. After his return in 1928, he became a professor in economics at the University of Vienna until his visit to Princeton Univer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Logic Of Human Destiny
''The'' () is a grammatical article in English, denoting persons or things that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Wright (journalist)
Robert Wright (born January 15, 1957) is an American journalist and author who writes about science, history, politics, and religion. He has written five books: ''Three Scientists and Their Gods: Looking for Meaning in an Age of Information'' (1988), ''The Moral Animal'' (1994), '' Nonzero: The Logic of Human Destiny'' (1999), ''The Evolution of God'' (2009), and '' Why Buddhism is True'' (2017). As of 2019, Wright is a Visiting Professor of Science and Religion at Union Theological Seminary, New York. He is the co-founder and editor-in-chief of Bloggingheads.tv and the founder and editor-in-chief of Meaningoflife.tv. Early life and education Wright was born in Lawton, Oklahoma to a Southern Baptist family and raised in (among other places) San Francisco. A self-described "Army brat", Wright attended Texas Christian University for a year in the late 1970s, before transferring to Princeton University to study sociobiology, which was a precursor to evolutionary psychology. His p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Zero-sum Three-person Game
''The'' () is a grammatical article in English, denoting persons or things already mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with pronouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of pronoun ''thee'') when followed by a v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Trap
In psychology, a social trap is a conflict of interest or perverse incentive where individuals or a group of people act to obtain short-term individual gains, which in the long run leads to a loss for the group as a whole. Social traps are the cause of countless environmental issues, including overfishing, energy "brownout" and "blackout" power outages during periods of extreme temperatures, the overgrazing of cattle on the Sahelian Desert, the destruction of the rainforest by logging interests and agriculture, and, most importantly, climate change. Origin of the concept The term ''social trap'' was first introduced to the scientific community by John Platt's 1973 paper in ''American Psychologist'', and in a book developed in an interdisciplinary symposium held at the University of Michigan. Building upon the concept of the "tragedy of the commons" in Garrett Hardin's pivotal article in ''Science'' (1968), Platt and others in the seminar applied behavioral psychology concepts to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Psychology
Social psychology is the scientific study of how thoughts, feelings, and behaviors are influenced by the real or imagined presence of other people or by social norms. Social psychologists typically explain human behavior as a result of the relationship between mental states and social situations, studying the social conditions under which thoughts, feelings, and behaviors occur, and how these variables influence social interactions. History Although issues in social psychology have been discussed in philosophy for much of human history, the scientific discipline of social psychology formally began in the late 19th to early 20th century. 19th century In the 19th century, social psychology began to emerge from the larger field of psychology. At the time, many psychologists were concerned with developing concrete explanations for the different aspects of human nature. They attempted to discover concrete cause-and-effect relationships that explained social interactions. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Linear Programming
Linear programming (LP), also called linear optimization, is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear function#As a polynomial function, linear relationships. Linear programming is a special case of mathematical programming (also known as mathematical optimization). More formally, linear programming is a technique for the mathematical optimization, optimization of a linear objective function, subject to linear equality and linear inequality Constraint (mathematics), constraints. Its feasible region is a convex polytope, which is a set defined as the intersection (mathematics), intersection of finitely many Half-space (geometry), half spaces, each of which is defined by a linear inequality. Its objective function is a real number, real-valued affine function, affine (linear) function defined on this polyhedron. A linear programming algorithm finds a point in the polytope where ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expected Value
In probability theory, the expected value (also called expectation, expectancy, mathematical expectation, mean, average, or first moment) is a generalization of the weighted average. Informally, the expected value is the arithmetic mean of a large number of independently selected outcomes of a random variable. The expected value of a random variable with a finite number of outcomes is a weighted average of all possible outcomes. In the case of a continuum of possible outcomes, the expectation is defined by integration. In the axiomatic foundation for probability provided by measure theory, the expectation is given by Lebesgue integration. The expected value of a random variable is often denoted by , , or , with also often stylized as or \mathbb. History The idea of the expected value originated in the middle of the 17th century from the study of the so-called problem of points, which seeks to divide the stakes ''in a fair way'' between two players, who have to end th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is the branch of mathematics concerning numerical descriptions of how likely an Event (probability theory), event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th Ed, (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', (Vol 1), 3rd Ed, (1968), Wiley, . The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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