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Nash equilibrium

Index Nash equilibrium

In game theory, the Nash equilibrium, named after American mathematician John Forbes Nash Jr., is a solution concept of a non-cooperative game involving two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy. [1]

102 relations: A Beautiful Mind (book), Adjusted winner procedure, Alice and Bob, American Mathematical Society, Annals of Mathematics, Antoine Augustin Cournot, Ariel Rubinstein, Arms race, Association football, Auction theory, Backward induction, Bank run, Battle of the sexes (game theory), Best response, Braess's paradox, Brouwer fixed-point theorem, Cambridge University Press, Chicken (game), Coalition-proof Nash equilibrium, Common knowledge (logic), Compact space, Complementarity theory, Conflict resolution research, Cooperation, Coordination game, Core (game theory), Correlated equilibrium, Cournot competition, Credibility, Currency crisis, David Gale, Decision-making, Dynamic inconsistency, Economics, Epsilon-equilibrium, Equilibrium selection, Evolutionarily stable strategy, Evolutionary biology, Experimental economics, Extensive-form game, Extreme value theorem, Fixed-point theorem, Game complexity, Game theory, Global game, Glossary of game theory, Harvard University Press, Hemicontinuity, Hotelling's law, Jean Tirole, ..., John Forbes Nash Jr., John Glen Wardrop, John von Neumann, Journal of Economic Theory, Kakutani fixed-point theorem, Matching pennies, Maximum theorem, Mertens-stable equilibrium, Mexican standoff, Minimax theorem, MIT Press, Multivalued function, Mutual assured destruction, Non-cooperative game theory, Non-credible threat, Normal-form game, Oligopoly, Optimum contract and par contract, Oskar Morgenstern, Pareto efficiency, Perfect Bayesian equilibrium, Princeton University Press, Prisoner's dilemma, Probability, Proceedings of the National Academy of Sciences of the United States of America, Rationalizability, Reinhard Selten, Repeated game, Self-confirming equilibrium, Simon & Schuster, Solution concept, Stability theory, Stackelberg competition, Stag hunt, Stochastic, Strategic dominance, Strategy, Strategy (game theory), Strong Nash equilibrium, Subgame perfect equilibrium, Sylvia Nasar, Symmetric game, Technical standard, Tic-tac-toe, Tit for tat, Tragedy of the commons, Trembling hand perfect equilibrium, Uniqueness quantification, University of Oxford, War, Xiangqi, Zero-sum game. Expand index (52 more) »

A Beautiful Mind (book)

A Beautiful Mind (1998) is a biography of Nobel Prize-winning economist and mathematician John Forbes Nash, Jr. by Sylvia Nasar, professor of journalism at Columbia University.

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Adjusted winner procedure

The adjusted winner procedure is a procedure for envy-free item assignment.

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Alice and Bob

Alice and Bob are fictional characters commonly used as placeholder names in cryptology, as well as science and engineering literature.

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American Mathematical Society

The American Mathematical Society (AMS) is an association of professional mathematicians dedicated to the interests of mathematical research and scholarship, and serves the national and international community through its publications, meetings, advocacy and other programs.

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Annals of Mathematics

The Annals of Mathematics is a bimonthly mathematical journal published by Princeton University and the Institute for Advanced Study.

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Antoine Augustin Cournot

Antoine Augustin Cournot (28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics theory.

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Ariel Rubinstein

Ariel Rubinstein (Hebrew: אריאל רובינשטיין) (born April 13, 1951) is an Israeli economist who works in Economic Theory, Game Theory and Bounded Rationality.

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Arms race

An arms race, in its original usage, is a competition between two or more states to have the best armed forces.

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Association football

Association football, more commonly known as football or soccer, is a team sport played between two teams of eleven players with a spherical ball.

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Auction theory

Auction theory is an applied branch of economics which deals with how people act in auction markets and researches the properties of auction markets.

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Backward induction

Backward induction is the process of reasoning backwards in time, from the end of a problem or situation, to determine a sequence of optimal actions.

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Bank run

A bank run (also known as a run on the bank) occurs when a large number of people withdraw their money from a bank, because they believe the bank may cease to function in the near future.

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Battle of the sexes (game theory)

In game theory, battle of the sexes (BoS) is a two-player coordination game.

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Best response

In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response (or one of the best responses) to the other players' strategies.

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Braess's paradox

Braess's paradox (often cited as Braess' paradox) is a proposed explanation for the situation where an alteration to a road network to improve traffic flow actually has the reverse effect and impedes traffic through it.

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Brouwer fixed-point theorem

Brouwer's fixed-point theorem is a fixed-point theorem in topology, named after L. E. J. (Bertus) Brouwer.

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Cambridge University Press

Cambridge University Press (CUP) is the publishing business of the University of Cambridge.

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Chicken (game)

The game of chicken, also known as the hawk–dove game or snowdrift game, is a model of conflict for two players in game theory.

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Coalition-proof Nash equilibrium

The concept of coalition-proof Nash equilibrium applies to certain "noncooperative" environments in which players can freely discuss their strategies but cannot make binding commitments.

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Common knowledge (logic)

Common knowledge is a special kind of knowledge for a group of agents.

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Compact space

In mathematics, and more specifically in general topology, compactness is a property that generalizes the notion of a subset of Euclidean space being closed (that is, containing all its limit points) and bounded (that is, having all its points lie within some fixed distance of each other).

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Complementarity theory

A complementarity problem is a type of mathematical optimization problem.

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Conflict resolution research

Conflict resolution is any reduction in the severity of a conflict.

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Cooperation

Cooperation (sometimes written as co-operation) is the process of groups of organisms working or acting together for common, mutual, or some underlying benefit, as opposed to working in competition for selfish benefit.

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Coordination game

In game theory, coordination games are a class of games with multiple pure strategy Nash equilibria in which players choose the same or corresponding strategies.

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Core (game theory)

In game theory, the core is the set of feasible allocations that cannot be improved upon by a subset (a coalition) of the economy's agents.

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Correlated equilibrium

In game theory, a correlated equilibrium is a solution concept that is more general than the well known Nash equilibrium.

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Cournot competition

Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time.

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Credibility

Credibility comprises the objective and subjective components of the believability of a source or message.

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Currency crisis

A currency crisis is a situation in which serious doubt exists as to whether a country's central bank has sufficient foreign exchange reserves to maintain the country's fixed exchange rate.

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David Gale

David Gale (December 13, 1921 – March 7, 2008) was an American mathematician and economist.

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Decision-making

In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

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Dynamic inconsistency

In economics, dynamic inconsistency or time inconsistency is a situation in which a decision-maker's preferences change over time in such a way that a preference can become inconsistent at another point in time.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Epsilon-equilibrium

In game theory, an epsilon-equilibrium, or near-Nash equilibrium, is a strategy profile that approximately satisfies the condition of Nash equilibrium.

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Equilibrium selection

Equilibrium selection is a concept from game theory which seeks to address reasons for players of a game to select a certain equilibrium over another.

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Evolutionarily stable strategy

An evolutionarily stable strategy (ESS) is a strategy which, if adopted by a population in a given environment, cannot be invaded by any alternative strategy that is initially rare.

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Evolutionary biology

Evolutionary biology is the subfield of biology that studies the evolutionary processes that produced the diversity of life on Earth, starting from a single common ancestor.

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Experimental economics

Experimental economics is the application of experimental methods to study economic questions.

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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.

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Extreme value theorem

In calculus, the extreme value theorem states that if a real-valued function f is continuous on the closed interval, then f must attain a maximum and a minimum, each at least once.

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Fixed-point theorem

In mathematics, a fixed-point theorem is a result saying that a function F will have at least one fixed point (a point x for which F(x).

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Game complexity

Combinatorial game theory has several ways of measuring game complexity.

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Game theory

Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".

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Global game

In economics and game theory, global games are games of incomplete information where players receive possibly-correlated signals of the underlying state of the world.

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Glossary of game theory

Game theory is the branch of mathematics in which games are studied: that is, models describing human behaviour.

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Harvard University Press

Harvard University Press (HUP) is a publishing house established on January 13, 1913, as a division of Harvard University, and focused on academic publishing.

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Hemicontinuity

In mathematics, the notion of the continuity of functions is not immediately extensible to multivalued mappings or correspondences between two sets A and B. The dual concepts of upper hemicontinuity and lower hemicontinuity facilitate such an extension.

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Hotelling's law

Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible.

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Jean Tirole

Jean Tirole (born 9 August 1953) is a French professor of economics.

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John Forbes Nash Jr.

John Forbes Nash Jr. (June 13, 1928 – May 23, 2015) was an American mathematician who made fundamental contributions to game theory, differential geometry, and the study of partial differential equations.

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John Glen Wardrop

John Glen Wardrop (1922–1989), born in Warwick, England, was an English mathematician and transport analyst who developed what became known as Wardrop's first and second principles of equilibrium in the field of traffic assignment.

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John von Neumann

John von Neumann (Neumann János Lajos,; December 28, 1903 – February 8, 1957) was a Hungarian-American mathematician, physicist, computer scientist, and polymath.

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Journal of Economic Theory

The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics.

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Kakutani fixed-point theorem

In mathematical analysis, the Kakutani fixed-point theorem is a fixed-point theorem for set-valued functions.

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Matching pennies

Matching pennies is the name for a simple game used in game theory.

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Maximum theorem

The maximum theorem provides conditions for the continuity of an optimized function and the set of its maximizers as a parameter changes.

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Mertens-stable equilibrium

Mertens stability is a solution concept used to predict the outcome of a non-cooperative game.

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Mexican standoff

A Mexican standoff is a confrontation between two or amongst three or more parties in which no strategy exists that allows any party to achieve victory.

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Minimax theorem

A minimax theorem is a theorem providing conditions that guarantee that the max–min inequality is also an equality.

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MIT Press

The MIT Press is a university press affiliated with the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts (United States).

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Multivalued function

In mathematics, a multivalued function from a domain to a codomain is a heterogeneous relation.

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Mutual assured destruction

Mutual assured destruction or mutually assured destruction (MAD) is a doctrine of military strategy and national security policy in which a full-scale use of nuclear weapons by two or more opposing sides would cause the complete annihilation of both the attacker and the defender (see pre-emptive nuclear strike and second strike).

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Non-cooperative game theory

In game theory, a non-cooperative game is a game with competition between individual players and in which only self-enforcing (e.g. through credible threats) alliances (or competition between groups of players, called "coalitions") are possible due to the absence of external means to enforce cooperative behavior (e.g. contract law), as opposed to cooperative games.

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Non-credible threat

A non-credible threat is a term used in game theory and economics to describe a threat in a sequential game that a rational player would actually not carry out, because it would not be in his best interest to do so.

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Normal-form game

In game theory, normal form is a description of a game.

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Oligopoly

An oligopoly (from Ancient Greek ὀλίγος (olígos) "few" + πωλεῖν (polein) "to sell") is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists).

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Optimum contract and par contract

Optimum contract and par contract are two closely related (and sometimes confused) terms in the card game contract bridge.

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Oskar Morgenstern

Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist.

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Pareto efficiency

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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Perfect Bayesian equilibrium

In game theory, a Perfect Bayesian Equilibrium (PBE) is an equilibrium concept relevant for dynamic games with incomplete information (sequential Bayesian games).

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Princeton University Press

Princeton University Press is an independent publisher with close connections to Princeton University.

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Prisoner's dilemma

The prisoner's dilemma is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interests to do so.

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Probability

Probability is the measure of the likelihood that an event will occur.

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Proceedings of the National Academy of Sciences of the United States of America

Proceedings of the National Academy of Sciences of the United States of America (PNAS) is the official scientific journal of the National Academy of Sciences, published since 1915.

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Rationalizability

In game theory, rationalizability is a solution concept.

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Reinhard Selten

Reinhard Justus Reginald Selten (5 October 1930 – 23 August 2016) was a German economist, who won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash).

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Repeated game

In game theory, a repeated game is an extensive form game that consists of a number of repetitions of some base game (called a stage game).

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Self-confirming equilibrium

In game theory, self-confirming equilibrium is a generalization of Nash equilibrium for extensive form games, in which players correctly predict the moves their opponents make, but may have misconceptions about what their opponents would do at information sets that are never reached when the equilibrium is played.

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Simon & Schuster

Simon & Schuster, Inc., a subsidiary of CBS Corporation, is an American publishing company founded in New York City in 1924 by Richard Simon and Max Schuster.

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Solution concept

In game theory, a solution concept is a formal rule for predicting how a game will be played.

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Stability theory

In mathematics, stability theory addresses the stability of solutions of differential equations and of trajectories of dynamical systems under small perturbations of initial conditions.

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Stackelberg competition

The Stackelberg leadership model is a strategic game in economics in which the leader firm moves first and then the follower firms move sequentially.

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Stag hunt

In game theory, the stag hunt is a game that describes a conflict between safety and social cooperation.

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Stochastic

The word stochastic is an adjective in English that describes something that was randomly determined.

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Strategic dominance

In game theory, strategic dominance (commonly called simply dominance) occurs when one strategy is better than another strategy for one player, no matter how that player's opponents may play.

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Strategy

Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship") is a high-level plan to achieve one or more goals under conditions of uncertainty.

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Strategy (game theory)

In game theory, a player's strategy is any of the options he or she can choose in a setting where the outcome depends not only on his own actions but on the action of others.

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Strong Nash equilibrium

A strong Nash equilibrium is a Nash equilibrium in which no coalition, taking the actions of its complements as given, can cooperatively deviate in a way that benefits all of its members.

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Subgame perfect equilibrium

In game theory, a subgame perfect equilibrium (or subgame perfect Nash equilibrium) is a refinement of a Nash equilibrium used in dynamic games.

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Sylvia Nasar

Sylvia Nasar (born 17 August 1947) is a Uzbek German-born American journalist, best known for her biography of John Forbes Nash, Jr., A Beautiful Mind.

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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.

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Technical standard

A technical standard is an established norm or requirement in regard to technical systems.

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Tic-tac-toe

Tic-tac-toe (also known as noughts and crosses or Xs and Os) is a paper-and-pencil game for two players, X and O, who take turns marking the spaces in a 3×3 grid.

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Tit for tat

Tit for tat is an English saying meaning "equivalent retaliation".

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Tragedy of the commons

The tragedy of the commons is a term used in social science to describe a situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource through their collective action.

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Trembling hand perfect equilibrium

In game theory, trembling hand perfect equilibrium is a refinement of Nash equilibrium due to Reinhard Selten.

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Uniqueness quantification

In mathematics and logic, the phrase "there is one and only one" is used to indicate that exactly one object with a certain property exists.

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University of Oxford

The University of Oxford (formally The Chancellor Masters and Scholars of the University of Oxford) is a collegiate research university located in Oxford, England.

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War

War is a state of armed conflict between states, societies and informal groups, such as insurgents and militias.

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Xiangqi

Xiangqi, also called Chinese chess, is a strategy board game for two players.

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Zero-sum game

In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants.

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Governing dynamics, Nash Equilibria, Nash Equilibrium, Nash behavior, Nash equilibria, Nash equilibriums, Nash strategy, Nash theorem (in game theory), Nash's equilibrium, Nash-Cournot equilibrium, Weak Nash equilibrium.

References

[1] https://en.wikipedia.org/wiki/Nash_equilibrium

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