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p. 11. The name of the gamelocked

  • Ken Binmore


‘The name of the game’ gives a brief introduction to game theory. Game scenarios are all around us, and a theory which predicts how people will behave in such games would be very useful indeed! However, game theory only works when people behave rationally. John Von Neumann devised the minimax theorem during the Cold War. He also outlined the concept of utility, which assigns a numerical value to each outcome of a game and ranks them on a scale. The Nash equilibrium describes scenarios when both players may be best served by cooperation instead of conflict, and is famously modelled in the Prisoner's Dilemma.

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