Logo
Pattern

Discover published sets by community

Explore tens of thousands of sets crafted by our community.

Pareto Efficiency in Games

6

Flashcards

0/6

Still learning
StarStarStarStar

Improvement to Pareto Efficiency

StarStarStarStar

In a coordination game, if players choose strategies that lead to a higher payoff for both, it's an improvement toward Pareto efficiency compared to a lower joint payoff scenario.

StarStarStarStar

Pareto Inferiority

StarStarStarStar

In a Battle of the Sexes game, if both players end up in an outcome that is not their top preference, but one could be made better off without harming the other, it would be Pareto inferior.

StarStarStarStar

Pareto Frontier

StarStarStarStar

In an ultimatum game, the Pareto frontier includes all possible divisions of the resource where the proposer and responder's payoffs cannot both be increased simultaneously.

StarStarStarStar

Definition of Pareto Efficiency

StarStarStarStar

In the Prisoner's Dilemma, a Pareto efficient outcome is where both prisoners remain silent, as any other outcome would harm at least one prisoner without any benefit to the other.

StarStarStarStar

Non-Pareto Optimal Equilibrium

StarStarStarStar

In the game of Chicken, both players swerving is not Pareto optimal because the equilibrium where one swerves and the other stays would make one player better off without harming the other.

StarStarStarStar

Individual Rationality and Pareto Efficiency

StarStarStarStar

In the public goods game, individual rationality leads players to contribute less, which may result in a Pareto inefficient outcome, as mutual cooperation could benefit all players more.

Know
0
Still learning
Click to flip
Know
0
Logo

© Hypatia.Tech. 2024 All rights reserved.