Concepts inConvergence to equilibrium in local interaction games
Game
A game is structured playing, usually undertaken for enjoyment and sometimes used as an educational tool. Games are distinct from work, which is usually carried out for remuneration, and from art, which is more often an expression of aesthetic or ideological elements.
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Convergence (economics)
The idea of convergence in economics (also sometimes known as the catch-up effect) is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. As a result, all economies should eventually converge in terms of per capita income. Developing countries have the potential to grow at a faster rate than developed countries because diminishing returns (in particular, to capital) aren't as strong as in capital rich countries.
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Coordination game
In game theory, coordination games are a class of games with multiple pure strategy Nash equilibria in which players choose the same or corresponding strategies. Coordination games are a formalization of the idea of a coordination problem, which is widespread in the social sciences, including economics, meaning situations in which all parties can realize mutual gains, but only by making mutually consistent decisions. A common application is the choice of technological standards.
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Game theory
Game theory is the study of strategic decision making. More formally, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers. " An alternative term suggested "as a more descriptive name for the discipline" is interactive decision theory. Game theory is mainly used in economics, political science, and psychology, as well as logic and biology.
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Strategy (game theory)
A player's strategy, in game theory, refers to one of the options he can choose in a setting where the outcome depends not only on his own actions but on the action of others. A player's strategy will determine the action the player will take at any stage of the game. A strategy profile (sometimes called a strategy combination) is a set of strategies for each player which fully specifies all actions in a game. A strategy profile must include one and only one strategy for every player.
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