GAME THEORY: An analysis that illustrates how choices between two plays affect the outcome of a "game." Game theory is commonly used in economics to illustrate interdependent decision-making among oligopoly firms. It illustrates that one firm makes a decision based on the decision expected from the other firm. One key conclusion from the game theory analysis is that firms often make decisions that are "second best" or the "lesser of two evils." The classic example of such a decision is the prisoners' dilemma, in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment.

     See also | oligopoly | interdependence | prisoners' dilemma | competition among the few | collusion | advertising |

GAME THEORY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].

Additional information on this term can be found at:

WEB*pedia: game theory

Back to the GLOSS*arama

Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope

This isn't me! What am I?

-- Peter F. Drucker

User Feedback