Show Summary Details

p. 363. Timelocked

  • Ken Binmore

Abstract

‘Time’ outlines how strategies can be affected by timing. Strategies in chess or poker depend on when something happens, as well as what it is. These can be explained using payoff tables, but it is easier to use a tree analogy, with the moves of the game progressing from root to leaf. Backwards induction can be used to regress through a game from its final outcome to determine the best strategy to adopt. At each branch the dominated strategies (i.e. those which always yield poorer payoffs) are eliminated. In games with perfect information backwards induction leads to Nash equilibria in both the game as a whole and any subgames.

Access to the complete content on Very Short Introductions online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can't find the answer there, please contact us.