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The gift-exchange game, also commonly known as the gift exchange dilemma, is a common economic game introduced by George Akerlof and Janet Yellen to model reciprocacy in labor relations. [1] The gift-exchange game simulates a labor-management relationship execution problem in the principal-agent problem in labor economics. [2]
Ultimatum game. Extensive form representation of a two proposal ultimatum game. Player 1 can offer a fair (F) or unfair (U) proposal; player 2 can accept (A) or reject (R). The ultimatum game is a game that has become a popular instrument of economic experiments. An early description is by Nobel laureate John Harsanyi in 1961. [1]
A white elephant gift exchange, [1] Yankee swap [2] or Dirty Santa [3] [nb 1] is a party game where amusing and impractical gifts are exchanged during festivities. The goal of a white elephant gift exchange is to entertain party-goers rather than to give or acquire a genuinely valuable or highly sought item.
Here are the rules to White Elephant, according to USA TODAY: Count your players and write numbers on cards. Draw the cards out of a hat to determine the order. Set a limit for the number of times ...
Normal-form game. In game theory, normal form is a description of a game. Unlike extensive form, normal-form representations are not graphical per se, but rather represent the game by way of a matrix. While this approach can be of greater use in identifying strictly dominated strategies and Nash equilibria, some information is lost as compared ...
Below, shop 35 white elephant gift ideas—some funny, some useful, some thoughtful—that have potential to be the best gift in the pile. Voluspa Limited Edition Japonica Mini Candle, $10 ...
Dirty Santa is a type of gift exchange that is named for the somewhat cunning rules. Like white elephant exchanges , everyone brings a concealed gift and puts it in the middle of a table. Next ...
Zero-sum game is a mathematical representation in game theory and economic theory of a situation that involves two competing entities, where the result is an advantage for one side and an equivalent loss for the other. [1] In other words, player one's gain is equivalent to player two's loss, with the result that the net improvement in benefit ...