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Strategic Move
A strategic move in game theory is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. Strategic moves can either be ''unconditional moves'' or ''response rules''. The key characteristics of a strategic move are that it involves a ''commitment'' from the player, meaning the player can only restrict her own choices and that the commitment has to be ''credible'', meaning that once employed it must be in the interest of the player to follow through with the move. Credible moves should also be observable to the other players. Strategic moves are not ''warnings'' or ''assurances.'' Warnings and assurances are merely statements of a player's interest, rather than an actual ''commitment'' from the player. The term was coined by Thomas Schelling in his 1960 book, ''The Strategy of Conflict'', and has gained wide currency in political science and industrial organization. References *Thomas Schelling: '' ... [...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] |
Thomas Schelling
Thomas Crombie Schelling (April 14, 1921 – December 13, 2016) was an American economist and professor of foreign policy, national security, nuclear strategy, and arms control at the School of Public Policy at University of Maryland, College Park. He was also co-faculty at the New England Complex Systems Institute. He was awarded the 2005 Nobel Memorial Prize in Economic Sciences (shared with Robert Aumann) for "having enhanced our understanding of conflict and cooperation through game-theory analysis." Biography Early years Schelling was born on April 14, 1921 in Oakland, California. Schelling graduated from San Diego High. He received his bachelor's degree in economics from the University of California, Berkeley in 1944. He received his PhD in economics from Harvard University in 1951. Career Schelling served with the Marshall Plan in Europe, the White House, and the Executive Office of the President from 1948 to 1953. He wrote most of his dissertation on national income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Science
Political science is the scientific study of politics. It is a social science dealing with systems of governance and power, and the analysis of political activities, political thought, political behavior, and associated constitutions and laws. Modern political science can generally be divided into the three subdisciplines of comparative politics, international relations, and political theory. Other notable subdisciplines are public policy and administration, domestic politics and government, political economy, and political methodology. Furthermore, political science is related to, and draws upon, the fields of economics, law, sociology, history, philosophy, human geography, political anthropology, and psychology. Political science is methodologically diverse and appropriates many methods originating in psychology, social research, and political philosophy. Approaches include positivism, interpretivism, rational choice theory, behaviouralism, structuralism, post-struct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Organization
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and market (economics), markets. Industrial organization adds real-world complications to the perfect competition, perfectly competitive model, complications such as transaction costs, limited information economics, information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between Competition (economics), competition and monopoly, including from government actions. There are different approaches to the subject. One approach is descriptive in providing an overview of industrial organization, such as measures of competition and the size-concentration ratio, concentration of firms in an industry. A second approach uses microeconomic models to explain internal firm organization and market strategy, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Avinash Dixit
Avinash Kamalakar Dixit (born 6 August 1944) is an Indian-American economist. He is the John J. F. Sherrerd '52 University Professor of Economics Emeritus at Princeton University, and has been Distinguished Adjunct Professor of Economics at Lingnan University (Hong Kong), senior research fellow at Nuffield College, Oxford and Sanjaya Lall Senior Visiting Research Fellow at Green Templeton College, Oxford. Education Dixit received a B.Sc. from University of Mumbai ( St. Xavier's College) in 1963 in Mathematics and Physics, a B.A. from Cambridge University in 1965 in Mathematics ( Corpus Christi College, First Class), and a Ph.D. in 1968 from the Massachusetts Institute of Technology in Economics. Career Dixit is the John J. F. Sherrerd '52 University Professor of Economics at Princeton University since July 1989, and Emeritus since 2010. He was also Distinguished Adjunct Professor of Economics at Lingnan University (Hong Kong), senior research fellow at Nuffield College, O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barry Nalebuff
Barry J. Nalebuff (born July 11, 1958) is an American businessman, business theorist, and writer. He is a Milton Steinbach Professor of Management at Yale School of Management and author who specializes in business strategy and game theory. His published books include ''Thinking Strategically'' and ''The Art of Strategy.'' Nalebuff's class on negotiation has over 67,000 active learners through Coursera and has the second-highest net promoter score on the platform. He has a semi-regular column in ''Forbes'' with Ian Ayres called "Why Not?" Nalebuff also has multiple entrepreneurial ventures. He was a co-founder of Honest Tea and Kombrewcha. He serves on the board of Q Drinks (started by his former student Jordan Silbert), Calicraft Beer, and AGP Glass. Education Nalebuff graduated in 1976 from the Belmont Hill School and in 1980 from Massachusetts Institute of Technology, MIT with degrees in economics and mathematics. He then earned his master's degree and doctorate in economics f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Competitive Edge In Business, Politics, And Everyday Life
''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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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