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Refinement of Nash equilibrium
Sequential equilibrium is a refinement of Nash equilibrium for extensive form games due to David M. Kreps and Robert Wilson. A sequential equilibrium
Sequential_equilibrium
Class of games where players choose their actions sequentially
illustrate how sequential games blend strategic depth with temporal dynamics. Simultaneous game Subgame perfect equilibrium Sequential auction Brocas;
Sequential_game
Game theory concept
strategies under consideration; Sequential rationality: the players choose optimally given their beliefs. Bayesian Nash equilibrium can result in implausible
Bayesian_game
Solution concept in game theory
bidding#signaling. Sequential equilibrium - a refinement of PBE, that restricts the beliefs that can be assigned to off-equilibrium information sets to
Perfect_Bayesian_equilibrium
Mathematical models of strategic interactions
normal form. Consequently, notions of equilibrium for simultaneous games are insufficient for reasoning about sequential games; see subgame perfection. In
Game_theory
Variant of Nash equilibrium in game theory
perfect equilibrium is also a sequential equilibrium. A normal-form trembling hand perfect equilibrium of an extensive form game may be sequential but is
Trembling hand perfect equilibrium
Trembling_hand_perfect_equilibrium
Solution concept of a non-cooperative game
because a Nash equilibrium is not necessarily Pareto optimal. Nash equilibrium may also have non-rational consequences in sequential games because players
Nash_equilibrium
Concept in game theory
In this coordination game, any place and time in the city could be an equilibrium solution. Schelling asked a group of students this question and found
Focal_point_(game_theory)
Model of conflict for two players in game theory
"Chicken" and "Hawk–Dove", the only symmetric Nash equilibrium is the mixed strategy Nash equilibrium, where both individuals randomly chose between playing
Chicken_(game)
Game in economic experiments
Fudenberg, Drew; Tirole, Jean (1991-04-01). "Perfect Bayesian equilibrium and sequential equilibrium". Journal of Economic Theory. 53 (2): 236–260. doi:10
Ultimatum_game
Problem in process of sharing surplus
Bargaining Core (game theory) Rubinstein bargaining model Sequential bargaining Nash equilibrium Ultimatum game Thomson, William (1994-01-01), "Chapter 35
Cooperative_bargaining
strategy) a game can have any number of Nash equilibria. Sequential game: A game is sequential if one player performs their actions after another player;
List_of_games_in_game_theory
Mathematical game
dominated strategies. There is a unique pure strategy Nash equilibrium. This equilibrium can be found by iterated elimination of weakly dominated strategies
Guess_2/3_of_the_average
Two-player coordination game in game theory
favored pure strategy equilibrium). It remains unclear how expectations would form that would result in a particular equilibrium being played out. One
Battle of the sexes (game theory)
Battle_of_the_sexes_(game_theory)
Game theory solution
In game theory, a correlated equilibrium is a solution concept that is more general than the well known Nash equilibrium. It was first discussed by mathematician
Correlated_equilibrium
Game theory concept
dynamic games where players make sequential decisions. A strategy profile is an SPE if it represents a Nash equilibrium in every possible subgame of the
Subgame_perfect_equilibrium
Economic model
Q ) = 1 − Q {\textstyle P(Q)=1-Q} . It is a static game, whereby an equilibrium is found where no firms unilaterally change their output level when the
Cournot_competition
Standard example in game theory
strategy for both players. Mutual defection is the only strong Nash equilibrium in the game. Since the collectively ideal result of mutual cooperation
Prisoner's_dilemma
theory Quasi-perfect equilibrium, in game theory, a refinement of Nash Equilibrium for extensive form games Sequential equilibrium, in game theory, a refinement
List_of_types_of_equilibrium
Complete plan on how a game player will behave in every possible game situation
re-interpreted Nash equilibrium as an equilibrium in beliefs, rather than actions. For instance, in rock paper scissors an equilibrium in beliefs would have
Strategy_(game_theory)
Game-theoretic concept
choose in equilibrium not to do so. Cheap talk can, in general, be added to any game and has the potential to enhance the set of possible equilibrium outcomes
Cheap_talk
Process of reasoning backwards in sequence
of backward induction is used to compute subgame perfect equilibria in sequential games. The difference is that optimization problems involve one decision
Backward_induction
English saying meaning "equivalent retaliation"
disappear." Can be both Nash equilibrium and knife-edge equilibrium. Known as knife-edge equilibrium because the equilibrium "rests precariously on" the
Tit_for_tat
Game illustrating paradox in rational choice theory
The dollar auction is a non-zero sum sequential game explored by economist Martin Shubik to illustrate how a short-sighted approach to rational choice
Dollar_auction
Solution concept for non-cooperative games
perfect equilibrium implements a weak version of backward induction, and increasingly stronger versions are sequential equilibrium, perfect equilibrium, quasi-perfect
Mertens-stable_equilibrium
Solution concept in game theory
so-called Showcase Showdown, a sequential game of perfect information, can be well explained by an agent quantal response equilibrium (AQRE) model. Work by Haile
Quantal_response_equilibrium
Economic model
in which the leader firm moves first and then the follower firms move sequentially (hence, it is sometimes described as the leader-follower game). It is
Stackelberg_competition
Quality of a strategy in game theory
game has only one unique Nash equilibrium, referred to as a "dominant strategy equilibrium". However, that Nash equilibrium is not necessarily "efficient"
Strategic_dominance
Conflict between safety and cooperation
mixed strategy Nash equilibrium, that is, one in which the players choose either option with some probability. This equilibrium depends on the payoffs
Stag_hunt
Theory of equilibrium between supply and demand
will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial equilibrium, which analyzes a specific part
General_equilibrium_theory
Simultaneous game found in game theory
and they both do better if they coordinate than if they played an off-equilibrium combination of actions. This setup can be extended to more than two strategies
Coordination_game
Formal rule for predicting how a game will be played
game. The most commonly used solution concepts are equilibrium concepts, most famously Nash equilibrium. Many solution concepts, for many games, will result
Solution_concept
Situation where players have only a small incentive to change strategies
epsilon-equilibrium, or near-Nash equilibrium, is a strategy profile that approximately satisfies the condition of Nash equilibrium. In a Nash equilibrium, no
Epsilon-equilibrium
Hungarian and American mathematician and physicist (1903–1957)
of an expanding economy, he proved the existence and uniqueness of an equilibrium using his generalization of the Brouwer fixed-point theorem. Von Neumann's
John_von_Neumann
Branch of game theory about two-player sequential games with perfect information
of mathematics and theoretical computer science that typically studies sequential games with perfect information. Research in this field has primarily focused
Combinatorial_game_theory
Paper-and-pencil game for two players
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Tic-tac-toe
Simple game studied in game theory
of mixed strategies and a mixed strategy Nash equilibrium. This game has no pure strategy Nash equilibrium since there is no pure strategy (heads or tails)
Matching_pennies
Weakly optimal allocation of resources
assumptions, any Pareto optimum can be obtained by some competitive equilibrium, or free market system, although it may also require a lump-sum transfer
Pareto_efficiency
Condition in economics and game theory
market prices, their own utility and cost functions. In game theory, a sequential game has perfect information if each player, when making any decision
Perfect_information
Level of information in economics and game theory
example of a dynamic game with complete information is Stackelberg's (1934) sequential-move version of Cournot duopoly. Other examples include Leontief's (1946)
Complete_information
Representation of a game in game theory
each of player 2's strategies in this case. In order to represent this sequential game we must specify all of player 2's actions, even in contingencies
Normal-form_game
Situation where total gains match total losses
the game always has at least one equilibrium solution. The different game theoretic solution concepts of Nash equilibrium, minimax, and maximin all give
Zero-sum_game
Academic discipline
choosing to betray each other is still an equilibrium, however, there can also exist multiple Nash equilibriums that vary based on the entanglement of the
Quantum_game_theory
Game class in game theory
signal. The equilibrium concept relevant to signaling games is the "perfect Bayesian equilibrium," a refinement of the Bayesian Nash equilibrium. Nature chooses
Signaling_game
Decision rule used for minimizing the possible loss for a worst-case scenario
two-player zero-sum games, the minimax solution is the same as the Nash equilibrium. In the context of zero-sum games, the minimax theorem is equivalent
Minimax
Incomplete-information coordination game
sent n + 1 {\displaystyle n+1} emails The equilibrium concept to be used is that of a Bayesian Nash Equilibrium (BNE). Rubinstein showed that, no matter
Electronic_mail_game
Economic model of competition
adjusting price level to sell that quantity. The outcome of the model equilibrium involved firms pricing above marginal cost; hence, the competitive price
Bertrand_competition
Making of satisfactory, not optimal, decisions
maximization and profit maximization as used in conventional general equilibrium models. Stock-flow consistent models (SFC) and agent-based models (ABM)
Bounded_rationality
Game theory model of aggression
nothing in equilibrium. So, they have no incentive to bid less. This equilibrium is subgame perfect. There is also a symmetric equilibrium in mixed strategies
War_of_attrition_(game)
Trigger strategy
is the cooperative profile while playing (D, D), also the unique Nash equilibrium in this game, is the punishment profile. In the grim trigger strategy
Grim_trigger
Logical paradox in decision-making theory
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Paradox_of_tolerance
Solution concept in game theory
refinements of the Nash equilibrium (NE) solution concept in game theory, defined by John Harsanyi and Reinhard Selten. A Nash equilibrium is considered payoff
Risk_dominance
Resource distribution game
algorithm for characterizing all the Nash equilibrium strategies, includes previously unidentified Nash equilibrium strategies as well as helps identify what
Blotto_game
Concept in game theory
analysis of sequential games and the development of solution concepts such as subgame perfect equilibrium and perfect Bayesian equilibrium. Information
Information_set_(game_theory)
Overuse of a shared resource
In simultaneous play, all people harvest at the same time, whereas in sequential play people harvest from the pool according to a predetermined sequence –
Tragedy_of_the_commons
Study of strategic decision making
the limit as N → ∞ {\displaystyle N\to \infty } of an N-player Nash equilibrium. A related concept to that of mean-field games is "mean-field-type control"
Mean-field_game_theory
Two-player extensive form game
also called a centipede game. The unique subgame perfect equilibrium (and every Nash equilibrium) of these games results in the first player taking the
Centipede_game
Wide-ranging representation of a game in game theory
subgame perfect Nash equilibrium. Axiom of determinacy Perfect information Combinatorial game theory Self-confirming equilibrium Sequential game Signalling
Extensive-form_game
Game that repeats a base game
deviation. In other words, in the pricing competition game, the only Nash equilibrium is inefficient (for gas stations) that both charge p = c. This is more
Repeated_game
Hand game for two or more players
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Chopsticks_(hand_game)
Hand game for two players or more
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Rock_paper_scissors
Bidding less than an item is worth in an auction
ISSN 0012-9682. JSTOR 1911865. Jeitschko, Thomas D (July 1999). "Equilibrium price paths in sequential auctions with stochastic supply". Economics Letters. 64
Bid_shading
Israeli economist
(1998), pp. 834–847. Ariel Rubinstein and Asher Wolinsky, "Equilibrium in a Market with Sequential Bargaining", Econometrica, Vol. 53 (1985), pp. 1133–1150
Ariel_Rubinstein
American economist (born 1948)
Milgrom demonstrates that, with substantial generality, at every sequential equilibrium of the sales encounter game, the salesperson employs a strategy
Paul_Milgrom
Application of game theory to evolving populations in biology
akin to the Nash equilibrium in classical game theory, but with mathematically extended criteria. Nash equilibrium is a game equilibrium where it is not
Evolutionary_game_theory
Israeli psychologist (1937–1996)
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Amos_Tversky
Finding an optimal algorithm for playing chess
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Solving_chess
Solution concept in Game Theory
Equilibrium". Econometrica. 73 (5): 1623–1672. doi:10.1111/j.1468-0262.2005.00631.x. Cohen, Shani; Li, Shengwu (2022). "Sequential Cursed Equilibrium"
Cursed_equilibrium
Concept in game theory
and actions, has a uniform equilibrium payoff, or a limiting-average equilibrium payoff, or even a liminf-average equilibrium payoff, is a challenging open
Stochastic_game
Quasi-perfect equilibrium is a further refinement of sequential equilibrium. It is itself refined by normal form proper equilibrium. It has been argued
Quasi-perfect_equilibrium
Auction in which every bidder pays
as in a conventional auction. As shown by Riley and Samuelson (1981), equilibrium bidding in an all pay auction with private information is revenue equivalent
All-pay_auction
Concept in game theory
A Markov perfect equilibrium is an equilibrium concept in game theory. It has been used in analyses of industrial organization, macroeconomics, and political
Markov_perfect_equilibrium
Concept in game theory
In game theory, a strong Nash equilibrium (SNE) is a combination of actions of the different players, in which no coalition of players can cooperatively
Strong_Nash_equilibrium
Field of economics and game theory
information), and if it is well-behaved the game has a Bayesian Nash equilibrium. At equilibrium agents choose their reports strategically as a function of type
Mechanism_design
Military strategy during the Cold War with regard to the use of nuclear weapons
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Deterrence_theory
Israeli-American psychologist and economist (1934–2024)
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Daniel_Kahneman
Game whose outcome can be correctly predicted
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Solved_game
Poker game developed by Harold Kuhn
other player). The game has a mixed-strategy Nash equilibrium; when both players play equilibrium strategies, the first player should expect to lose
Kuhn_poker
Israeli-American mathematician (born 1930)
correlated equilibrium in game theory, which is a type of equilibrium in non-cooperative games that is more flexible than the classical Nash equilibrium. Furthermore
Robert_Aumann
Paradox in economics
describes a situation in which two players (firms) reach a state of Nash equilibrium where both firms charge a price equal to marginal cost ("MC"). The paradox
Bertrand_paradox_(economics)
Political model of international conflict resolution
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Two-level_game_theory
Preference of known risks to unknown risks
a mixed strategy of L and M, and thus would not be played in a Nash equilibrium. For some higher values of x the game is dominance solvable. The effect
Ambiguity_aversion
Bargaining procedure
alternating-offers protocol induces a sequential game. A natural question is what outcomes can be attained in an equilibrium of this game. At first glance, the
Sequential_bargaining
Concept in game theory
is a term used in game theory and economics to describe a threat in a sequential game that a rational player would not actually carry out, because it would
Non-credible_threat
Decrease in severity of conflicts
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
De-escalation
Concept in game theory
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.
Equilibrium_selection
American economist (born 1950)
models and non-cooperative game theory, particularly the idea of sequential equilibrium, which he developed with Stanford Business School colleague Robert
David_M._Kreps
Pairing where no unchosen pair prefers each other over their choice
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Stable_matching_problem
Economic Model
paradox, no pure-strategy Nash equilibrium will exist. Huw Dixon showed that in general a mixed strategy Nash equilibrium will exist when there are convex
Bertrand–Edgeworth_model
Solution concept in Game Theory
correlated equilibrium is a solution concept for static games of incomplete information. It is both a generalization of the correlated equilibrium perfect-information
Bayes_correlated_equilibrium
Concept in game theory
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
Best_response
Concept in economics and game theory
Different concepts of equilibrium can be used to model the selfish behavior of the agents, among which the most common is the Nash equilibrium. Different flavors
Price_of_anarchy
Facilitating a peaceful outcome to a dispute
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Conflict_resolution
Model of humans as rational, self-interested agents
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Homo_economicus
Diplomatic policy of concessions
Self-confirming equilibrium Sequential equilibrium Shapley value Strong Nash equilibrium Subgame perfect equilibrium Trembling hand equilibrium Strategies
Appeasement
Principle in economics and game theory
an incentive-compatible (honesty-promoting) mechanism with the same equilibrium outcome (payoffs). The revelation principle shows that, while Gibbard's
Revelation_principle
Concept in game theory
incentive-compatibility (BNIC). This means there is a Bayesian Nash equilibrium in which all participants reveal their true preferences. In other words
Incentive_compatibility
Game class in game theory
names: authors list (link) http://www-bcf.usc.edu The Path to Equilibrium in Sequential and Simultaneous Games (Brocas, Carrillo, Sachdeva; 2016). Managerial
Simultaneous_game
Type of perfect Bayesian equilibrium
In signaling games, a separating equilibrium is a type of perfect Bayesian equilibrium where agents with different characteristics choose different actions
Separating_equilibrium
which payoffs are in some sort of economic equilibrium. One example of such an equilibrium is the Nash equilibrium, where each player plays a strategy such
Outcome_(game_theory)
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
Boy/Male
Hindu, Indian, Punjabi, Sikh
The Light of the Battlefield
Boy/Male
Muslim
Pilgrimage site 25 km from city mecca
Boy/Male
Hindu, Indian
Name of Lord Sun
Boy/Male
Hindu
Boy/Male
American, British, English, German, Irish, Teutonic
Ruler of the Land; The People's Ruler; Strong; Oak-hearted
Girl/Female
Tamil
Suvarchala | ஸà¯à®µà®¾à®°à¯à®šà®²à®¾
Goddess
Boy/Male
Latin Greek
Founder of Troy.
Boy/Male
Tamil
Sight
Girl/Female
British, English, Irish
Of Today
Boy/Male
Hindi
Named for Shiva's bull Nandi.
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
SEQUENTIAL EQUILIBRIUM
n.
A state of standing or rest; equilibrium.
n.
Laws relating to the equilibrium of the blood in the blood vessels.
n.
That branch of physics which treats of the mechanics of liquids, or of their laws of equilibrium and of motion.
a.
Of or pertaining to a sequestrum.
a.
Comprising sentences; as, a sentential translation.
n.
A form of balance in which the body to be weighed is suspended from the shorter arm of a lever, which turns on a fulcrum, and a counterpoise is caused to slide upon the longer arm to produce equilibrium, its place upon this arm (which is notched or graduated) indicating the weight; a Roman balance; -- very commonly used also in the plural form, steelyards.
n.
The branch of science which relates to the pressure and equilibrium of nonelastic fluids, as water, mercury, etc.; the principles of statics applied to water and other liquids.
a.
The force by which a part is pulled when forming part of any system in equilibrium or in motion; as, the tension of a srting supporting a weight equals that weight.
n.
A limited reciprocating motion of a particle of an elastic body or medium in alternately opposite directions from its position of equilibrium, when that equilibrium has been disturbed, as when a stretched cord or other body produces musical notes, or particles of air transmit sounds to the ear. The path of the particle may be in a straight line, in a circular arc, or in any curve whatever.
a.
Pertaining to bodies at rest or in equilibrium.
a.
Of or pertaining to a sentence, or full period; as, a sentential pause.
a.
Succeeding or following in order.
n.
A level position; a just poise or balance in respect to an object, so that it remains firm; equipoise; as, to preserve the equilibrium of the body.
prep.
The alternate rising and falling of the waters of the ocean, and of bays, rivers, etc., connected therewith. The tide ebbs and flows twice in each lunar day, or the space of a little more than twenty-four hours. It is occasioned by the attraction of the sun and moon (the influence of the latter being three times that of the former), acting unequally on the waters in different parts of the earth, thus disturbing their equilibrium. A high tide upon one side of the earth is accompanied by a high tide upon the opposite side. Hence, when the sun and moon are in conjunction or opposition, as at new moon and full moon, their action is such as to produce a greater than the usual tide, called the spring tide, as represented in the cut. When the moon is in the first or third quarter, the sun's attraction in part counteracts the effect of the moon's attraction, thus producing under the moon a smaller tide than usual, called the neap tide.
n.
That branch of mechanics which treats of the equilibrium of forces, or relates to bodies as held at rest by the forces acting on them; -- distinguished from dynamics.
a.
Of or relating to hydrostatics; pertaining to, or in accordance with, the principles of the equilibrium of fluids.
adv.
In a sentential manner.
pl.
of Equilibrium
a.
Being, or being thrown, out of equilibrium; hence, disordered or deranged in sense; unsteady; unsound; as, an unbalanced mind.
a.
Comprising or representing sentences; sentential.