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Imperfect Information
In economics, perfect information (sometimes referred to as "no hidden information") is a feature of perfect competition. With perfect information in a market, all consumers and producers have complete and instantaneous knowledge of all market prices, their own utility, and own cost functions. In game theory, a sequential game has perfect information if each player, when making any decision, is perfectly informed of all the events that have previously occurred, including the "initialization event" of the game (e.g. the starting hands of each player in a card game).Archived aGhostarchiveand thWayback Machine Perfect information defined at 0:25, with academic sources and . Perfect information is importantly different from complete information, which implies common knowledge of each player's utility functions, payoffs, strategies and "types". A game with perfect information may or may not have complete information. Games where some aspect of play is ''hidden'' from opponents - s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Final Position Of Lawrence-Tan 2002
Final, Finals or The Final may refer to: *Final (competition), the last or championship round of a sporting competition, match, game, or other contest which decides a winner for an event ** Another term for playoffs, describing a sequence of contests taking place after a regular season or round-robin tournament, culminating in a final by the first definition. *final (Java), a keyword in the Java programming language *Final case, a grammatical case *Final examination or finals, a test given at the end of a course of study or training *Part of a syllable#Medial and final, syllable *Final, a tone of the Gregorian mode Art and entertainment *Final (film), ''Final'' (film), a science fiction film *The Final (film), ''The Final'' (film), a thriller film *Finals (film), ''Finals'' (film), a 2019 Malayalam sports drama film *Final (band), an English electronic musical group *Final (Vol. 1), ''Final'' (Vol. 1), album by Enrique Iglesias *The Final (album), ''The Final'' (album), by Wham! * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sequential Game
In game theory, a sequential game is a game where one player chooses their action before the others choose theirs. The other players must have information on the first player's choice so that the difference in time has no strategic effect. Sequential games are governed by the time axis and represented in the form of decision trees. Sequential games with perfect information can be analysed mathematically using combinatorial game theory. Decision trees are the extensive form of dynamic games that provide information on the possible ways that a given game can be played. They show the sequence in which players act and the number of times that they can each make a decision. Decision trees also provide information on what each player knows or does not know at the point in time they decide on an action to take. Payoffs for each player are given at the decision nodes of the tree. Extensive form representations were introduced by Neumann and further developed by Kuhn in the earliest yea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Howard Raiffa
Howard Raiffa (; January 24, 1924 – July 8, 2016) was an American academic who was the Frank P. Ramsey Professor (Emeritus) of Managerial Economics, a joint chair held by the Business School and Harvard Kennedy School at Harvard University. He was an influential Bayesian decision theorist and pioneer in the field of decision analysis, with works in statistical decision theory, game theory, behavioral decision theory, risk analysis, and negotiation analysis. He helped found and was the first director of the International Institute for Applied Systems Analysis. Early life After service in the Army Air Forces during World War II, Raiffa received a bachelor's degree in mathematics in 1946, a master's degree in statistics in 1947 and a PhD in mathematics in 1951, all from the University of Michigan. Career *His book ''Applied Statistical Decision Theory'' with Robert Schlaifer introduced the idea of conjugate prior distributions. *A lecture of his in the 1960s concerning the use o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MIT Press
The MIT Press is a university press affiliated with the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts (United States). It was established in 1962. History The MIT Press traces its origins back to 1926 when MIT published under its own name a lecture series entitled ''Problems of Atomic Dynamics'' given by the visiting German physicist and later Nobel Prize winner, Max Born. Six years later, MIT's publishing operations were first formally instituted by the creation of an imprint called Technology Press in 1932. This imprint was founded by James R. Killian, Jr., at the time editor of MIT's alumni magazine and later to become MIT president. Technology Press published eight titles independently, then in 1937 entered into an arrangement with John Wiley & Sons in which Wiley took over marketing and editorial responsibilities. In 1962 the association with Wiley came to an end after a further 125 titles had been published. The press acquired its modern name af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Tirole
Jean Tirole (born 9 August 1953) is a French professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation. Education Tirole received engineering degrees from the École Polytechnique in Paris in 1976, and from the École nationale des ponts et chaussées in 1978. He graduated as a member of the elite Corps of Bridges, Waters and Forests. Tirole pursued graduate studies at the Paris Dauphine University and was awarded a DEA degree in 1976 and a Doctorat de troisième cycle in decision mathematics in 1978. In 1981, he received a Ph.D. in economics from the Massachusetts Institute of Technology for his thesis titled ''Essays in economic theory'', under the supervision of Eric Maskin. Career Tirole is chairman of the board of the Jean-Jacques Laffont Foundat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Signaling Game
In game theory, a signaling game is a simple type of a dynamic Bayesian game.Subsection 8.2.2 in Fudenberg Trole 1991, pp. 326–331 The essence of a signalling game is that one player takes an action, the signal, to convey information to another player, where sending the signal is more costly if they are conveying false information. A manufacturer, for example, might provide a warranty for its product in order to signal to consumers that its product is unlikely to break down. The classic example is of a worker who acquires a college degree not because it increases their skill, but because it conveys their ability to employers. A simple signalling game would have two players, the sender and the receiver. The sender has one of two types that we might call "desirable" and "undesirable" with different payoff functions, where the receiver knows the probability of each type but not which one this particular sender has. The receiver has just one possible type. The sender moves first, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Screening Game
A screening game is a two-player principal–agent type game used in economic and game theoretical modeling. Principal–agent problems are situations where there are two players whose interests are not necessarily matching with each other, and where complete honesty is not optimal for one player. This will lead to strategies where the players exchange information based in their actions which is to some degree noisy. This ambiguity prevents the other player from taking advantage of the first. The game is closely related to signaling games, but there is a difference in how information is exchanged. In the principal-agent model, for instance, there is an employer (the principal) and a worker (the agent). The worker has a given skill level, and chooses the amount of effort he will exert. If the worker knows his ability (which is given at the outset, perhaps by nature), and can acquire credentials or somehow signal that ability to the employer before being offered a wage, then the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dispersed Knowledge
Dispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system. The term has been both expanded upon and popularized by American economist Thomas Sowell. Overview Each agent in a market for assets, goods, or services possesses incomplete knowledge as to most of the factors which affect prices in that market. For example, no agent has full information as to other agents' budgets, preferences, resources or technologies, not to mention their plans for the future and numerous other factors which affect prices in those markets. Market prices are the result of price discovery, in which each agent participating in the market makes use of its current knowledge and plans to decide on the prices and quantities at which it chooses to transact. The resulting prices and quantities of transactions may be said to reflect the current state of knowledge of the agents currently in the market, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale with one side being the seller and the other the buyer. When the seller has more or better information the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buyer, who can only estimate the market value based on the information provided by the seller and their own a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Extensive Form Game
An extensive-form game is a specification of a game in game theory, allowing (as the name suggests) for the explicit representation of a number of key aspects, like the sequencing of players' possible moves, their choices at every decision point, the (possibly imperfect) information each player has about the other player's moves when they make a decision, and their payoffs for all possible game outcomes. Extensive-form games also allow for the representation of incomplete information in the form of chance events modeled as " moves by nature". Finite extensive-form games Some authors, particularly in introductory textbooks, initially define the extensive-form game as being just a game tree with payoffs (no imperfect or incomplete information), and add the other elements in subsequent chapters as refinements. Whereas the rest of this article follows this gentle approach with motivating examples, we present upfront the finite extensive-form games as (ultimately) constructed here. This ... [...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] |
Symmetric Game
In game theory, a symmetric game is a game where the payoffs for playing a particular strategy depend only on the other strategies employed, not on who is playing them. If one can change the identities of the players without changing the payoff to the strategies, then a game is symmetric. Symmetry can come in different varieties. Ordinally symmetric games are games that are symmetric with respect to the ordinal structure of the payoffs. A game is quantitatively symmetric if and only if it is symmetric with respect to the exact payoffs. A partnership game is a symmetric game where both players receive identical payoffs for any strategy set. That is, the payoff for playing strategy ''a'' against strategy ''b'' receives the same payoff as playing strategy ''b'' against strategy ''a''. Symmetry in 2x2 games Only 12 out of the 144 ordinally distinct 2x2 games are symmetric. However, many of the commonly studied 2x2 games are at least ordinally symmetric. The standard represent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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