The underlying problem that game theory addresses is how people facing conflicts of interest should best behave.
Daniel
Daniel's notes on Game Theory
Game Theory by Ken Binmore
Their reading time 1h 43m
Notes 11
Progress 13%
Sittings 3
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11 notes
in reading orderIn game theory, a strategy is a complete plan of action for all possible circumstances.
To do well in a game, it is not enough to know your own payoffs. You must also try to anticipate the payoffs that your rivals will get if they adopt different strategies.
In game theory, a mixed strategy is a strategy that a player uses with some probability in a particular circumstance.
Mixed strategies can be seen as a way of introducing randomness into a player's decision making.
Repeated games can generate cooperative behavior that is not possible in single-shot interactions.
Cooperation becomes easier if the game will be repeated many times, as players can establish reputations for cooperation.
One way to avoid being exploited is to make your intentions clear by using a credible threat.
In games of coordination, players' interests are perfectly aligned, but they must still find a way to synchronize their actions.
Game theory provides insights into the dynamics of human behavior in situations of conflict, cooperation, and negotiation.
Daniel p. 14
A Nash equilibrium is just a pair of strategies whose use results in a cell in which both payoffs are circled. More generally, a Nash equilibrium occurs when all the players are simultaneously making a best reply to the strategy choices of the others.
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