Coordination game
From Wiki @ Karl Jones dot com
Revision as of 16:30, 24 May 2016 by Karl Jones (Talk | contribs) (Created page with "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....")
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.
Description
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.
See also
- Consensus decision-making
- Cooperative game
- Coordination failure (economics)
- Equilibrium selection
- Game theory
- Non-cooperative game
- Self-fulfilling prophecy
- Strategic complements
- Social dilemma
- Supermodular
- Uniqueness or multiplicity of equilibrium
External links
- Coordination game @ Wikipedia
