Strategic move: Difference between revisions
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A '''strategic move''' in [[game theory]] is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. The key characteristics of a strategic move are that it involves a ''commitment'' from the player, meaning the player can only restrict |
A '''strategic move''' in [[game theory]] is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. Strategic moves can either be ''unconditional moves'' or ''response rules''. The key characteristics of a strategic move are that it involves a ''commitment'' from the player, meaning the player can only restrict their own choices and that the commitment has to be ''credible'', meaning that once employed it must be in the interest of the player to follow through with the move. Credible moves should also be observable to the other players.<ref>{{Cite journal |last1=Jahan |first1=Sarwat |last2=Mahmud |first2=Ahmed Saber |date=2015-12-01 |title=Back to Basics: Strategic Thinking - Game theory analyzes behavior when decisions must take into account the potential actions of opponents |url=https://www.elibrary.imf.org/view/journals/022/0052/004/article-A013-en.xml |journal=Finance & Development |language=en |volume=52 |issue=4 }}</ref><ref>{{Cite book |last1=Gintis |first1=Herbert |url=https://books.google.com/books?id=XuqhzQb3pmgC |title=Game Theory Evolving: A Problem-centered Introduction to Modeling Strategic Behavior |last2=Gintis |first2=Professor Emeritus of Economics University of Massachusetts and Adjunct Professor Department of Politics Herbert |date=2000 |publisher=Princeton University Press |isbn=978-0-691-00943-8 |language=en}}</ref> |
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Strategic moves are '''not''' ''warnings'' or ''assurances.'' Warnings and assurances are merely statements of a player's interest, rather than an actual ''commitment'' from the player. |
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The term was coined by [[Thomas Schelling]] in his 1960 book, ''The Strategy of Conflict'', and has gained wide currency in [[political science]] and [[industrial organization]].<ref>{{Cite book |last=Schelling |first=Thomas C. |url=https://books.google.com/books?id=pS1wCwAAQBAJ |title=The Strategy Of Conflict |date=2015-11-06 |publisher=Pickle Partners Publishing |isbn=978-1-78625-216-6 |language=en}}</ref> |
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==References== |
==References== |
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{{reflist}} |
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*Thomas Schelling: ''The Strategy of Conflict'', Harvard University press (1960). ISBN |
*Thomas Schelling: ''The Strategy of Conflict'', Harvard University press (1960). {{ISBN|0-674-84031-3}} |
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*[[Avinash Dixit]] & [[Barry Nalebuff]]: ''Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life'', W.W. Norton (1991) ISBN |
*[[Avinash Dixit]] & [[Barry Nalebuff]]: ''[[Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life]]'', W.W. Norton (1991) {{ISBN|0-393-31035-3}} |
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{{game theory}} |
{{game theory}} |
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[[Category:Game theory]] |
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{{Uncategorized stub|date=September 2010}} |
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Latest revision as of 01:30, 18 April 2024
A strategic move in game theory is an action taken by a player outside the defined actions of the game in order to gain a strategic advantage and increase one's payoff. Strategic moves can either be unconditional moves or response rules. The key characteristics of a strategic move are that it involves a commitment from the player, meaning the player can only restrict their own choices and that the commitment has to be credible, meaning that once employed it must be in the interest of the player to follow through with the move. Credible moves should also be observable to the other players.[1][2]
Strategic moves are not warnings or assurances. Warnings and assurances are merely statements of a player's interest, rather than an actual commitment from the player.
The term was coined by Thomas Schelling in his 1960 book, The Strategy of Conflict, and has gained wide currency in political science and industrial organization.[3]
References
[edit]- ^ Jahan, Sarwat; Mahmud, Ahmed Saber (2015-12-01). "Back to Basics: Strategic Thinking - Game theory analyzes behavior when decisions must take into account the potential actions of opponents". Finance & Development. 52 (4).
- ^ Gintis, Herbert; Gintis, Professor Emeritus of Economics University of Massachusetts and Adjunct Professor Department of Politics Herbert (2000). Game Theory Evolving: A Problem-centered Introduction to Modeling Strategic Behavior. Princeton University Press. ISBN 978-0-691-00943-8.
- ^ Schelling, Thomas C. (2015-11-06). The Strategy Of Conflict. Pickle Partners Publishing. ISBN 978-1-78625-216-6.
- Thomas Schelling: The Strategy of Conflict, Harvard University press (1960). ISBN 0-674-84031-3
- Avinash Dixit & Barry Nalebuff: Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life, W.W. Norton (1991) ISBN 0-393-31035-3
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