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Economics and Zero-sum game

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Economics and Zero-sum game

Economics vs. Zero-sum game

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

Similarities between Economics and Zero-sum game

Economics and Zero-sum game have 11 things in common (in Unionpedia): Comparative advantage, Economics, Gains from trade, Game theory, John von Neumann, Linear programming, Marginal utility, Oskar Morgenstern, Pareto efficiency, Rational choice theory, Utility.

Comparative advantage

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.

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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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Gains from trade

In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other.

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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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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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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 relationships.

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Marginal utility

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

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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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Rational choice theory

Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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The list above answers the following questions

Economics and Zero-sum game Comparison

Economics has 511 relations, while Zero-sum game has 39. As they have in common 11, the Jaccard index is 2.00% = 11 / (511 + 39).

References

This article shows the relationship between Economics and Zero-sum game. To access each article from which the information was extracted, please visit:

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