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game theory

a branch of mathematics concerned with the analysis of the behavior of decision makers (called players) whose choices affect one another. Game theory is often used in both theoretical modeling and empirical studies of conflict, cooperation, and competition, and it has helped structure interactive decision-making situations in numerous disciplines, including economics, political science, organizational and social psychology, and ethics. A simple game theory example is a scenario from a reality television show in which the final two players are each asked privately to make a decision to share or keep the entire game prize. The players are told that the outcome will be decided by the following rules: (a) If one player decides to keep the entire prize and the other decides to share, then the first player gets the entire prize; (b) if both players decide to share the prize, then the prize is split; and (c) if both players decide to keep the entire prize, then both leave empty-handed. The players must therefore base their decisions on what they think the other will choose to do.

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Psychology term of the day

May 30th 2024

hand–arm vibration syndrome (HAVS)

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