Game Theory
Laws and principles filed under Mathematics & Probability / Game Theory.
Game Theory
Every guide includes meaning, mechanism, applications, limitations, related concepts, and traceable references.
Strategic equilibrium concept
Nash Equilibrium
A strategy profile is a Nash equilibrium when no player can improve their expected payoff by changing strategy alone while the others keep theirs fixed.
Social-choice impossibility theorem
Arrow's Impossibility Theorem
With at least three alternatives, no rank-order aggregation rule can satisfy unrestricted domain, Pareto efficiency, independence of irrelevant alternatives, and non-dictatorship simultaneously.
Collective-decision theorem
Condorcet Jury Theorem
If voters independently choose between two alternatives and each is more likely than not to be correct, majority accuracy approaches one as the group grows.