- published: 06 Jan 2015
- views: 270775
Zero-sum game
In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain (or loss) of utility is exactly balanced by the losses (or gains) of the utility of the other participant(s). If the total gains of the participants are added up and the total losses are subtracted, they will sum to zero. Thus cutting a cake, where taking a larger piece reduces the amount of cake available for others, is a zero-sum game if all participants value each unit of cake equally (see marginal utility).
In contrast, non-zero-sum describes a situation in which the interacting parties' aggregate gains and losses can be less than or more than zero. A zero-sum game is also called a strictly competitive game while non-zero-sum games can be either competitive or non-competitive. Zero-sum games are most often solved with the minimax theorem which is closely related to linear programming duality, or with Nash equilibrium.
Definition
The zero-sum property (if one gains, another loses) means that any result of a zero-sum situation is Pareto optimal (generally, any game where all strategies are Pareto optimal is called a conflict game).
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Zero-sum_game
Zero sum (disambiguation)
Zero sum is a situation in which a participant's gain or loss is exactly balanced by the losses or gains of the other participants.
Zero sum may also refer to:
See also
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Zero_sum_(disambiguation)
Zero Sum (The X-Files)
"Zero Sum" is the twenty-first episode of the fourth season of the American science fiction television series The X-Files. It premiered on the Fox network on April 27, 1997. It was directed by Kim Manners, and written by Frank Spotnitz and Howard Gordon. "Zero Sum" included appearances by William B. Davis, Laurie Holden and Morris Panych. The episode helped to explore the overarching mythology, or fictional history of The X-Files. "Zero Sum" earned a Nielsen household rating of 11.7, being watched by 18.6 million people in its initial broadcast. The episode has received mixed to positive responses from critics.
The show centers on FBI special agents Fox Mulder (David Duchovny) and Dana Scully (Gillian Anderson) who work on cases linked to the paranormal, called X-Files. In the episode, a case Mulder is asked to investigate is covertly covered up by the agents' boss Walter Skinner (Mitch Pileggi), who has made a sinister bargain with The Smoking Man (Davis).
The decision to center another episode around Skinner—following the third season episode "Avatar"—was made when Gillian Anderson took a week off to shoot the film The Mighty. Rather than have Duchovny carry the additional workload, the writing staff decided to focus the episode on supporting cast members. "Zero Sum" was the final appearance in the series by Morris Panych. In addition, the episode saw the return of the virus-carrying bees from the season-opener "Herrenvolk" and would later return in the 1998 feature film.
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Zero_Sum_(The_X-Files)
Podcasts:
-
What is a Zero-Sum Game?
A situation in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two players, or millions of participants. Zero-sum games are found in game theory, but are less common than non-zero sum games. Poker and gambling are popular examples of zero-sum games since the sum of the amounts won by some players equals the combined losses of the others. In game theory, the game of “Matching Pennies” is often cited as an example of a zero-sum game. The game involves two players – let’s call them A and B – simultaneously placing a penny on the table; the payoff depends on whether the pennies match or not. If both pennies are heads or tails, Player A wins and keeps Player B’s penny; if they do not match, Player B wins...
published: 06 Jan 2015 -
The Zero-Sum Game | Pauline Hanson’s Please Explain
You shouldn't treat politics as a game. Sadly, many do and they play dirty. But it doesn't have to be that way. You don't have to stoop to the level of dirty tricks and zero-sum games. Join us for today's episode to learn how. Help support the series: www.rumnation.com.au
published: 23 Feb 2023 -
How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think
How to Win with Game Theory & Defeat Smart Opponents New videos DAILY: https://bigth.ink Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge ---------------------------------------------------------------------------------- If you want to win, it's best to think crazy like a fox. Nobody knows this better than Kevin Zollman — a nationally recognized expert in game theory and associate professor of philosophy at Carnegie Mellon University — who suggests that perhaps the best way to get ahead of your opponent is to think completely counterintuitively. This works especially well in poker, where breaking the flow (say, bluffing when you have nothing) can keep your foes from guessing your next move. A little dose of crazy goes a long way. Zollman i...
published: 07 Jan 2018 -
Game Theory 101 (#35): Symmetric, Zero Sum Games
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-Complete-Textbook/dp/1492728152/ http://gametheory101.com/courses/game-theory-101/ Every Nash equilibrium of a two player, symmetric, zero sum must give each player an expected utility of zero. This lecture defines symmetric and zero sum games and then explains why that rule must hold. The rule is very useful for proving that certain strategies are not Nash equilibria, and we will see that in the next lecture.
published: 28 Oct 2012 -
What is a Zero Sum Game?
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=josephalexandernordqvistcantoral8044 Join this channel to get access to perks: https://www.youtube.com/channel/UCI8Xs2oPTMb9DkuYsEqCnnQ/join This video explains what a zero-sum game is. Put simply, a zero-sum game is one in which one player’s gain is equivalent to another’s loss.
published: 05 Jan 2021 -
Zero-Sum Games and Win-Win/Lose-Lose Situations Compared in One Minute
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is used pretty frequently these days, you'll most likely come across it during debates, TV shows and so on. Therefore, knowing what a zero-sum game is and what the difference between zero-sum games and win-win or lose-lose situations is definitely helps you understand the discussion in question a lot better. Please like, comment and subscribe if you've enjoyed the video. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playi...
published: 27 Sep 2016 -
What is a zero sum game and why is it bad?
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competition instead of collaboration, and unfortunately competitive sports often drive this mentality into us that this is the way the world works, when in reality if you want to win big in this life, you need to collaborate more than compete. Competing is all relative, it's all about measuring yourself against the other guy. This can be helpful in some cases, like benchmarking, so that you know what's possible and you can improve yourself or your business, but it's harmful when it becomes ALL about catching up with the competition and staying ahead, especially when you are willing to damage your competition so that you can "get ahead" of them by pushing them behind. That means they're behind, but it doesn't ...
published: 26 Apr 2017 -
Game Theory Tutorial - Two-Players Zero-Sum Games, Pure and Mixed Strategy, and Nash Equilibrium
This is a tutorial video on the basics of Game Theory. In this video, the introduction to Game Theory is given together with simple idea of Two-Players Zero-Sum Games with Pure and Mixed Strategies. The Principle of Dominance will also be tackled. Another famous notion, the Nash Equilibrium, will be talked about in this video.
published: 09 Feb 2020 -
Zero Sum Game in Malayalam :Detailed Summary Part 1 # fourth sem #kannur univeristy #calicut
published: 10 Apr 2021
developed with YouTube
1:51
What is a Zero-Sum Game?
- Order: Reorder
- Duration: 1:51
- Uploaded Date: 06 Jan 2015
- views: 270775
A situation in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two p...
A situation in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two players, or millions of participants. Zero-sum games are found in game theory, but are less common than non-zero sum games. Poker and gambling are popular examples of zero-sum games since the sum of the amounts won by some players equals the combined losses of the others.
In game theory, the game of “Matching Pennies” is often cited as an example of a zero-sum game. The game involves two players – let’s call them A and B – simultaneously placing a penny on the table; the payoff depends on whether the pennies match or not. If both pennies are heads or tails, Player A wins and keeps Player B’s penny; if they do not match, Player B wins and keeps Player A’s penny. This is a zero-sum game because one player’s gain is the other’s loss.
Zero-sum games are essentially bets. In the financial markets, for instance, speculators essentially place bets on the future prices of certain commodities. Thus, if you disagree with the consensus that wheat prices are going to fall, you might buy a futures contract. If your prediction is right and wheat prices increase, you could make money by selling the futures contract before it expires. Zero-sum games have a bigger purpose in the markets, however; they provide a lot of liquidity to the futures market and help companies find a way to stabilize their prices and thus their operations and financial performance.
By Barry Norman, Investors Trading Academy
https://wn.com/What_Is_A_Zero_Sum_Game
A situation in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two players, or millions of participants. Zero-sum games are found in game theory, but are less common than non-zero sum games. Poker and gambling are popular examples of zero-sum games since the sum of the amounts won by some players equals the combined losses of the others.
In game theory, the game of “Matching Pennies” is often cited as an example of a zero-sum game. The game involves two players – let’s call them A and B – simultaneously placing a penny on the table; the payoff depends on whether the pennies match or not. If both pennies are heads or tails, Player A wins and keeps Player B’s penny; if they do not match, Player B wins and keeps Player A’s penny. This is a zero-sum game because one player’s gain is the other’s loss.
Zero-sum games are essentially bets. In the financial markets, for instance, speculators essentially place bets on the future prices of certain commodities. Thus, if you disagree with the consensus that wheat prices are going to fall, you might buy a futures contract. If your prediction is right and wheat prices increase, you could make money by selling the futures contract before it expires. Zero-sum games have a bigger purpose in the markets, however; they provide a lot of liquidity to the futures market and help companies find a way to stabilize their prices and thus their operations and financial performance.
By Barry Norman, Investors Trading Academy
2:47
The Zero-Sum Game | Pauline Hanson’s Please Explain
- Order: Reorder
- Duration: 2:47
- Uploaded Date: 23 Feb 2023
- views: 50125
You shouldn't treat politics as a game. Sadly, many do and they play dirty.
But it doesn't have to be that way. You don't have to stoop to the level of dirty t...
You shouldn't treat politics as a game. Sadly, many do and they play dirty.
But it doesn't have to be that way. You don't have to stoop to the level of dirty tricks and zero-sum games.
Join us for today's episode to learn how.
Help support the series: www.rumnation.com.au
https://wn.com/The_Zero_Sum_Game_|_Pauline_Hanson’S_Please_Explain
You shouldn't treat politics as a game. Sadly, many do and they play dirty.
But it doesn't have to be that way. You don't have to stoop to the level of dirty tricks and zero-sum games.
Join us for today's episode to learn how.
Help support the series: www.rumnation.com.au
- published: 23 Feb 2023
- views: 50125
3:38
How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think
- Order: Reorder
- Duration: 3:38
- Uploaded Date: 07 Jan 2018
- views: 959991
How to Win with Game Theory & Defeat Smart Opponents
New videos DAILY: https://bigth.ink
Join Big Think Edge for exclusive video lessons from top thinkers and d...
How to Win with Game Theory & Defeat Smart Opponents
New videos DAILY: https://bigth.ink
Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge
----------------------------------------------------------------------------------
If you want to win, it's best to think crazy like a fox. Nobody knows this better than Kevin Zollman — a nationally recognized expert in game theory and associate professor of philosophy at Carnegie Mellon University — who suggests that perhaps the best way to get ahead of your opponent is to think completely counterintuitively. This works especially well in poker, where breaking the flow (say, bluffing when you have nothing) can keep your foes from guessing your next move. A little dose of crazy goes a long way. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know — Your Kids, with Paul Raeburn.
----------------------------------------------------------------------------------
KEVIN ZOLLMAN:
Kevin Zollman is an associate professor in the Department of Philosophy at Carnegie Mellon University. He is also an associate fellow at the Center for Philosophy of Science at the University of Pittsburgh, visiting professor at the Munich Center for Mathematical Philosophy (part of Ludwig-Maximilians Universität), and an associate editor of the journal Philosophy of Science. His research focuses on game theory, agent based modeling, and the philosophy of science. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids, with Paul Raeburn.
----------------------------------------------------------------------------------
TRANSCRIPT:
Kevin Zollman: When one is confronted with a situation that’s truly zero sum where one party is going to win and the other party is going to lose, a situation is very complicated and sometimes difficult to analyze. Game theory spent much of its early days analyzing zero sum games and trying to figure out what’s the best strategy.
It’s a little complicated because it depends critically on how sophisticated you think the other party is.
If they’re very, very, very smart, the chances that you’re going to outthink them are not very high. In such a situation often times the best strategy is very counterintuitive, because it involves flipping a coin or rolling a dice or doing something random.
Professional poker players know this and they often times advocate in poker strategy books that one should occasionally do something completely counterintuitive in order to keep your opponents off guard. And in fact game theory has shown that this is good, solid, mathematically well-founded advice, that often times what you want to do is engage in a kind of random strategy—game theorists call this a mixed strategy—in order to make sure that your opponent can’t get the leg up on you.
The nice thing about these random strategies is that they ensure that your opponent can never outthink you. So even if you think your opponent is a little smarter than you or a little bit more sophisticated than you or has a little bit more information than you do, the fact that you’re being random to a certain extent means that they can’t outthink you.
Now how do you figure out how to be random? I’m not saying just flip a coin all the time or whatever. What game theorists have figured out is that in zero sum games the best strategy to pursue when you’re against a sophisticated opponent is to adopt the strategy which minimizes your maximum loss. This is sometimes called the mini max strategy.
So the idea is you think: what’s the worst case scenario for me? What could my opponent do that would make me worse off?
And then you figure out what’s the best strategy against that, so you’re minimizing your maximum loss.
Game theorists prove that if you use this way of thinking, minimizing your maximum loss, you ensure that no matter how sophisticated your opponent is you’ve guarded against the worst case scenario. And not only that but in zero sum games you’ve done the best you can possibly do.
That’s not true in games that aren’t zero sum, so one has to be very careful about employing this strategy, because if you’re mistaken and you’re not in a zero sum interaction you could end up ruining it for everybody. But if you’re truly in a zero sum interaction this is one of the strategies that you can use.
Now suppose that you’re dealing with an opponent who’s not sophisticated, you are smarter than they are, there it depends very much on: how smart are they? Can you outthink them? And what’s the individual interaction that you’re engaged in?
So...
For the full transcript, check out https://bigthink.com/videos/kevin-zollman-how-to-outfox-someone-whos-smarter-than-you
https://wn.com/How_To_Win_With_Game_Theory_Defeat_Smart_Opponents_|_Kevin_Zollman_|_Big_Think
How to Win with Game Theory & Defeat Smart Opponents
New videos DAILY: https://bigth.ink
Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge
----------------------------------------------------------------------------------
If you want to win, it's best to think crazy like a fox. Nobody knows this better than Kevin Zollman — a nationally recognized expert in game theory and associate professor of philosophy at Carnegie Mellon University — who suggests that perhaps the best way to get ahead of your opponent is to think completely counterintuitively. This works especially well in poker, where breaking the flow (say, bluffing when you have nothing) can keep your foes from guessing your next move. A little dose of crazy goes a long way. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know — Your Kids, with Paul Raeburn.
----------------------------------------------------------------------------------
KEVIN ZOLLMAN:
Kevin Zollman is an associate professor in the Department of Philosophy at Carnegie Mellon University. He is also an associate fellow at the Center for Philosophy of Science at the University of Pittsburgh, visiting professor at the Munich Center for Mathematical Philosophy (part of Ludwig-Maximilians Universität), and an associate editor of the journal Philosophy of Science. His research focuses on game theory, agent based modeling, and the philosophy of science. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids, with Paul Raeburn.
----------------------------------------------------------------------------------
TRANSCRIPT:
Kevin Zollman: When one is confronted with a situation that’s truly zero sum where one party is going to win and the other party is going to lose, a situation is very complicated and sometimes difficult to analyze. Game theory spent much of its early days analyzing zero sum games and trying to figure out what’s the best strategy.
It’s a little complicated because it depends critically on how sophisticated you think the other party is.
If they’re very, very, very smart, the chances that you’re going to outthink them are not very high. In such a situation often times the best strategy is very counterintuitive, because it involves flipping a coin or rolling a dice or doing something random.
Professional poker players know this and they often times advocate in poker strategy books that one should occasionally do something completely counterintuitive in order to keep your opponents off guard. And in fact game theory has shown that this is good, solid, mathematically well-founded advice, that often times what you want to do is engage in a kind of random strategy—game theorists call this a mixed strategy—in order to make sure that your opponent can’t get the leg up on you.
The nice thing about these random strategies is that they ensure that your opponent can never outthink you. So even if you think your opponent is a little smarter than you or a little bit more sophisticated than you or has a little bit more information than you do, the fact that you’re being random to a certain extent means that they can’t outthink you.
Now how do you figure out how to be random? I’m not saying just flip a coin all the time or whatever. What game theorists have figured out is that in zero sum games the best strategy to pursue when you’re against a sophisticated opponent is to adopt the strategy which minimizes your maximum loss. This is sometimes called the mini max strategy.
So the idea is you think: what’s the worst case scenario for me? What could my opponent do that would make me worse off?
And then you figure out what’s the best strategy against that, so you’re minimizing your maximum loss.
Game theorists prove that if you use this way of thinking, minimizing your maximum loss, you ensure that no matter how sophisticated your opponent is you’ve guarded against the worst case scenario. And not only that but in zero sum games you’ve done the best you can possibly do.
That’s not true in games that aren’t zero sum, so one has to be very careful about employing this strategy, because if you’re mistaken and you’re not in a zero sum interaction you could end up ruining it for everybody. But if you’re truly in a zero sum interaction this is one of the strategies that you can use.
Now suppose that you’re dealing with an opponent who’s not sophisticated, you are smarter than they are, there it depends very much on: how smart are they? Can you outthink them? And what’s the individual interaction that you’re engaged in?
So...
For the full transcript, check out https://bigthink.com/videos/kevin-zollman-how-to-outfox-someone-whos-smarter-than-you
- published: 07 Jan 2018
- views: 959991
9:23
Game Theory 101 (#35): Symmetric, Zero Sum Games
- Order: Reorder
- Duration: 9:23
- Uploaded Date: 28 Oct 2012
- views: 46628
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-Complete-Textbook/dp/1492728152/
http://gametheory101.com/courses/game...
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-Complete-Textbook/dp/1492728152/
http://gametheory101.com/courses/game-theory-101/
Every Nash equilibrium of a two player, symmetric, zero sum must give each player an expected utility of zero. This lecture defines symmetric and zero sum games and then explains why that rule must hold. The rule is very useful for proving that certain strategies are not Nash equilibria, and we will see that in the next lecture.
https://wn.com/Game_Theory_101_(_35)_Symmetric,_Zero_Sum_Games
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-Complete-Textbook/dp/1492728152/
http://gametheory101.com/courses/game-theory-101/
Every Nash equilibrium of a two player, symmetric, zero sum must give each player an expected utility of zero. This lecture defines symmetric and zero sum games and then explains why that rule must hold. The rule is very useful for proving that certain strategies are not Nash equilibria, and we will see that in the next lecture.
- published: 28 Oct 2012
- views: 46628
2:47
What is a Zero Sum Game?
- Order: Reorder
- Duration: 2:47
- Uploaded Date: 05 Jan 2021
- views: 10308
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=josephalexandernordqvistcantoral8044
Join this channel to get access ...
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=josephalexandernordqvistcantoral8044
Join this channel to get access to perks:
https://www.youtube.com/channel/UCI8Xs2oPTMb9DkuYsEqCnnQ/join
This video explains what a zero-sum game is. Put simply, a zero-sum game is one in which one player’s gain is equivalent to another’s loss.
https://wn.com/What_Is_A_Zero_Sum_Game
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=josephalexandernordqvistcantoral8044
Join this channel to get access to perks:
https://www.youtube.com/channel/UCI8Xs2oPTMb9DkuYsEqCnnQ/join
This video explains what a zero-sum game is. Put simply, a zero-sum game is one in which one player’s gain is equivalent to another’s loss.
- published: 05 Jan 2021
- views: 10308
1:22
Zero-Sum Games and Win-Win/Lose-Lose Situations Compared in One Minute
- Order: Reorder
- Duration: 1:22
- Uploaded Date: 27 Sep 2016
- views: 90132
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is used pretty frequently these days, you'll most likely come across it d...
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is used pretty frequently these days, you'll most likely come across it during debates, TV shows and so on.
Therefore, knowing what a zero-sum game is and what the difference between zero-sum games and win-win or lose-lose situations is definitely helps you understand the discussion in question a lot better.
Please like, comment and subscribe if you've enjoyed the video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
https://www.patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - https://itun.es/us/wYSveb.l
Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
https://www.facebook.com/oneminuteeconomics
https://twitter.com/andreipolgar
https://ro.linkedin.com/in/andrei-polgar-9a11a561
https://wn.com/Zero_Sum_Games_And_Win_Win_Lose_Lose_Situations_Compared_In_One_Minute
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is used pretty frequently these days, you'll most likely come across it during debates, TV shows and so on.
Therefore, knowing what a zero-sum game is and what the difference between zero-sum games and win-win or lose-lose situations is definitely helps you understand the discussion in question a lot better.
Please like, comment and subscribe if you've enjoyed the video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
https://www.patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - https://itun.es/us/wYSveb.l
Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
https://www.facebook.com/oneminuteeconomics
https://twitter.com/andreipolgar
https://ro.linkedin.com/in/andrei-polgar-9a11a561
- published: 27 Sep 2016
- views: 90132
1:01
What is a zero sum game and why is it bad?
- Order: Reorder
- Duration: 1:01
- Uploaded Date: 26 Apr 2017
- views: 29216
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competition instead of collaboration, and unfortunately competitive sports ofte...
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competition instead of collaboration, and unfortunately competitive sports often drive this mentality into us that this is the way the world works, when in reality if you want to win big in this life, you need to collaborate more than compete.
Competing is all relative, it's all about measuring yourself against the other guy. This can be helpful in some cases, like benchmarking, so that you know what's possible and you can improve yourself or your business, but it's harmful when it becomes ALL about catching up with the competition and staying ahead, especially when you are willing to damage your competition so that you can "get ahead" of them by pushing them behind. That means they're behind, but it doesn't mean you're making any progress, or that you're better off.
The opposite of a zero sum mentality is win-win. It's looking for "How can we both come out ahead by working together?" rather than assuming that if the other guy wins, you must be losing.
https://wn.com/What_Is_A_Zero_Sum_Game_And_Why_Is_It_Bad
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competition instead of collaboration, and unfortunately competitive sports often drive this mentality into us that this is the way the world works, when in reality if you want to win big in this life, you need to collaborate more than compete.
Competing is all relative, it's all about measuring yourself against the other guy. This can be helpful in some cases, like benchmarking, so that you know what's possible and you can improve yourself or your business, but it's harmful when it becomes ALL about catching up with the competition and staying ahead, especially when you are willing to damage your competition so that you can "get ahead" of them by pushing them behind. That means they're behind, but it doesn't mean you're making any progress, or that you're better off.
The opposite of a zero sum mentality is win-win. It's looking for "How can we both come out ahead by working together?" rather than assuming that if the other guy wins, you must be losing.
- published: 26 Apr 2017
- views: 29216
17:29
Game Theory Tutorial - Two-Players Zero-Sum Games, Pure and Mixed Strategy, and Nash Equilibrium
- Order: Reorder
- Duration: 17:29
- Uploaded Date: 09 Feb 2020
- views: 24430
This is a tutorial video on the basics of Game Theory. In this video, the introduction to Game Theory is given together with simple idea of Two-Players Zero-Sum...
This is a tutorial video on the basics of Game Theory. In this video, the introduction to Game Theory is given together with simple idea of Two-Players Zero-Sum Games with Pure and Mixed Strategies. The Principle of Dominance will also be tackled. Another famous notion, the Nash Equilibrium, will be talked about in this video.
https://wn.com/Game_Theory_Tutorial_Two_Players_Zero_Sum_Games,_Pure_And_Mixed_Strategy,_And_Nash_Equilibrium
This is a tutorial video on the basics of Game Theory. In this video, the introduction to Game Theory is given together with simple idea of Two-Players Zero-Sum Games with Pure and Mixed Strategies. The Principle of Dominance will also be tackled. Another famous notion, the Nash Equilibrium, will be talked about in this video.
- published: 09 Feb 2020
- views: 24430
34:55
Zero Sum Game in Malayalam :Detailed Summary Part 1 # fourth sem #kannur univeristy #calicut
- Order: Reorder
- Duration: 34:55
- Uploaded Date: 10 Apr 2021
- views: 52138
- published: 10 Apr 2021
- views: 52138
1:51
What is a Zero-Sum Game?
A situation in which one person’s gain is equivalent to another’s loss, so the net change ...
published: 06 Jan 2015
What is a Zero-Sum Game?
What is a Zero-Sum Game?
- Report rights infringement
- published: 06 Jan 2015
- views: 270775
A situation in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two players, or millions of participants. Zero-sum games are found in game theory, but are less common than non-zero sum games. Poker and gambling are popular examples of zero-sum games since the sum of the amounts won by some players equals the combined losses of the others.
In game theory, the game of “Matching Pennies” is often cited as an example of a zero-sum game. The game involves two players – let’s call them A and B – simultaneously placing a penny on the table; the payoff depends on whether the pennies match or not. If both pennies are heads or tails, Player A wins and keeps Player B’s penny; if they do not match, Player B wins and keeps Player A’s penny. This is a zero-sum game because one player’s gain is the other’s loss.
Zero-sum games are essentially bets. In the financial markets, for instance, speculators essentially place bets on the future prices of certain commodities. Thus, if you disagree with the consensus that wheat prices are going to fall, you might buy a futures contract. If your prediction is right and wheat prices increase, you could make money by selling the futures contract before it expires. Zero-sum games have a bigger purpose in the markets, however; they provide a lot of liquidity to the futures market and help companies find a way to stabilize their prices and thus their operations and financial performance.
By Barry Norman, Investors Trading Academy
2:47
The Zero-Sum Game | Pauline Hanson’s Please Explain
You shouldn't treat politics as a game. Sadly, many do and they play dirty.
But it doesn'...
published: 23 Feb 2023
The Zero-Sum Game | Pauline Hanson’s Please Explain
The Zero-Sum Game | Pauline Hanson’s Please Explain
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- published: 23 Feb 2023
- views: 50125
You shouldn't treat politics as a game. Sadly, many do and they play dirty.
But it doesn't have to be that way. You don't have to stoop to the level of dirty tricks and zero-sum games.
Join us for today's episode to learn how.
Help support the series: www.rumnation.com.au
3:38
How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think
How to Win with Game Theory & Defeat Smart Opponents
New videos DAILY: https://bigth.ink
J...
published: 07 Jan 2018
How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think
How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think
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- published: 07 Jan 2018
- views: 959991
How to Win with Game Theory & Defeat Smart Opponents
New videos DAILY: https://bigth.ink
Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge
----------------------------------------------------------------------------------
If you want to win, it's best to think crazy like a fox. Nobody knows this better than Kevin Zollman — a nationally recognized expert in game theory and associate professor of philosophy at Carnegie Mellon University — who suggests that perhaps the best way to get ahead of your opponent is to think completely counterintuitively. This works especially well in poker, where breaking the flow (say, bluffing when you have nothing) can keep your foes from guessing your next move. A little dose of crazy goes a long way. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know — Your Kids, with Paul Raeburn.
----------------------------------------------------------------------------------
KEVIN ZOLLMAN:
Kevin Zollman is an associate professor in the Department of Philosophy at Carnegie Mellon University. He is also an associate fellow at the Center for Philosophy of Science at the University of Pittsburgh, visiting professor at the Munich Center for Mathematical Philosophy (part of Ludwig-Maximilians Universität), and an associate editor of the journal Philosophy of Science. His research focuses on game theory, agent based modeling, and the philosophy of science. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids, with Paul Raeburn.
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TRANSCRIPT:
Kevin Zollman: When one is confronted with a situation that’s truly zero sum where one party is going to win and the other party is going to lose, a situation is very complicated and sometimes difficult to analyze. Game theory spent much of its early days analyzing zero sum games and trying to figure out what’s the best strategy.
It’s a little complicated because it depends critically on how sophisticated you think the other party is.
If they’re very, very, very smart, the chances that you’re going to outthink them are not very high. In such a situation often times the best strategy is very counterintuitive, because it involves flipping a coin or rolling a dice or doing something random.
Professional poker players know this and they often times advocate in poker strategy books that one should occasionally do something completely counterintuitive in order to keep your opponents off guard. And in fact game theory has shown that this is good, solid, mathematically well-founded advice, that often times what you want to do is engage in a kind of random strategy—game theorists call this a mixed strategy—in order to make sure that your opponent can’t get the leg up on you.
The nice thing about these random strategies is that they ensure that your opponent can never outthink you. So even if you think your opponent is a little smarter than you or a little bit more sophisticated than you or has a little bit more information than you do, the fact that you’re being random to a certain extent means that they can’t outthink you.
Now how do you figure out how to be random? I’m not saying just flip a coin all the time or whatever. What game theorists have figured out is that in zero sum games the best strategy to pursue when you’re against a sophisticated opponent is to adopt the strategy which minimizes your maximum loss. This is sometimes called the mini max strategy.
So the idea is you think: what’s the worst case scenario for me? What could my opponent do that would make me worse off?
And then you figure out what’s the best strategy against that, so you’re minimizing your maximum loss.
Game theorists prove that if you use this way of thinking, minimizing your maximum loss, you ensure that no matter how sophisticated your opponent is you’ve guarded against the worst case scenario. And not only that but in zero sum games you’ve done the best you can possibly do.
That’s not true in games that aren’t zero sum, so one has to be very careful about employing this strategy, because if you’re mistaken and you’re not in a zero sum interaction you could end up ruining it for everybody. But if you’re truly in a zero sum interaction this is one of the strategies that you can use.
Now suppose that you’re dealing with an opponent who’s not sophisticated, you are smarter than they are, there it depends very much on: how smart are they? Can you outthink them? And what’s the individual interaction that you’re engaged in?
So...
For the full transcript, check out https://bigthink.com/videos/kevin-zollman-how-to-outfox-someone-whos-smarter-than-you
9:23
Game Theory 101 (#35): Symmetric, Zero Sum Games
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-C...
published: 28 Oct 2012
Game Theory 101 (#35): Symmetric, Zero Sum Games
Game Theory 101 (#35): Symmetric, Zero Sum Games
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- published: 28 Oct 2012
- views: 46628
Game Theory 101: The Complete Textbook on Amazon: https://www.amazon.com/Game-Theory-101-Complete-Textbook/dp/1492728152/
http://gametheory101.com/courses/game-theory-101/
Every Nash equilibrium of a two player, symmetric, zero sum must give each player an expected utility of zero. This lecture defines symmetric and zero sum games and then explains why that rule must hold. The rule is very useful for proving that certain strategies are not Nash equilibria, and we will see that in the next lecture.
2:47
What is a Zero Sum Game?
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=...
published: 05 Jan 2021
What is a Zero Sum Game?
What is a Zero Sum Game?
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- published: 05 Jan 2021
- views: 10308
Video made possible thanks to AI voice generator Eleven Labs, https://elevenlabs.io/?from=josephalexandernordqvistcantoral8044
Join this channel to get access to perks:
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This video explains what a zero-sum game is. Put simply, a zero-sum game is one in which one player’s gain is equivalent to another’s loss.
1:22
Zero-Sum Games and Win-Win/Lose-Lose Situations Compared in One Minute
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is ...
published: 27 Sep 2016
Zero-Sum Games and Win-Win/Lose-Lose Situations Compared in One Minute
Zero-Sum Games and Win-Win/Lose-Lose Situations Compared in One Minute
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- published: 27 Sep 2016
- views: 90132
The term "zero-sum game" (some people refer to it as a win-lose or lose-win situation) is used pretty frequently these days, you'll most likely come across it during debates, TV shows and so on.
Therefore, knowing what a zero-sum game is and what the difference between zero-sum games and win-win or lose-lose situations is definitely helps you understand the discussion in question a lot better.
Please like, comment and subscribe if you've enjoyed the video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated!
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My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
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1:01
What is a zero sum game and why is it bad?
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competiti...
published: 26 Apr 2017
What is a zero sum game and why is it bad?
What is a zero sum game and why is it bad?
- Report rights infringement
- published: 26 Apr 2017
- views: 29216
A zero sum game is one in where if you win, I lose, and if I win, you lose. It's competition instead of collaboration, and unfortunately competitive sports often drive this mentality into us that this is the way the world works, when in reality if you want to win big in this life, you need to collaborate more than compete.
Competing is all relative, it's all about measuring yourself against the other guy. This can be helpful in some cases, like benchmarking, so that you know what's possible and you can improve yourself or your business, but it's harmful when it becomes ALL about catching up with the competition and staying ahead, especially when you are willing to damage your competition so that you can "get ahead" of them by pushing them behind. That means they're behind, but it doesn't mean you're making any progress, or that you're better off.
The opposite of a zero sum mentality is win-win. It's looking for "How can we both come out ahead by working together?" rather than assuming that if the other guy wins, you must be losing.
17:29
Game Theory Tutorial - Two-Players Zero-Sum Games, Pure and Mixed Strategy, and Nash Equilibrium
This is a tutorial video on the basics of Game Theory. In this video, the introduction to ...
published: 09 Feb 2020
Game Theory Tutorial - Two-Players Zero-Sum Games, Pure and Mixed Strategy, and Nash Equilibrium
Game Theory Tutorial - Two-Players Zero-Sum Games, Pure and Mixed Strategy, and Nash Equilibrium
- Report rights infringement
- published: 09 Feb 2020
- views: 24430
This is a tutorial video on the basics of Game Theory. In this video, the introduction to Game Theory is given together with simple idea of Two-Players Zero-Sum Games with Pure and Mixed Strategies. The Principle of Dominance will also be tackled. Another famous notion, the Nash Equilibrium, will be talked about in this video.
34:55
Zero Sum Game in Malayalam :Detailed Summary Part 1 # fourth sem #kannur univeristy #calicut
published: 10 Apr 2021
Zero Sum Game in Malayalam :Detailed Summary Part 1 # fourth sem #kannur univeristy #calicut
Zero Sum Game in Malayalam :Detailed Summary Part 1 # fourth sem #kannur univeristy #calicut
- Report rights infringement
- published: 10 Apr 2021
- views: 52138
Zero-sum game
In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain (or loss) of utility is exactly balanced by the losses (or gains) of the utility of the other participant(s). If the total gains of the participants are added up and the total losses are subtracted, they will sum to zero. Thus cutting a cake, where taking a larger piece reduces the amount of cake available for others, is a zero-sum game if all participants value each unit of cake equally (see marginal utility).
In contrast, non-zero-sum describes a situation in which the interacting parties' aggregate gains and losses can be less than or more than zero. A zero-sum game is also called a strictly competitive game while non-zero-sum games can be either competitive or non-competitive. Zero-sum games are most often solved with the minimax theorem which is closely related to linear programming duality, or with Nash equilibrium.
Definition
The zero-sum property (if one gains, another loses) means that any result of a zero-sum situation is Pareto optimal (generally, any game where all strategies are Pareto optimal is called a conflict game).
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Zero-sum_game
What is a Zero-Sum Game?...
The Zero-Sum Game | Pauline Hanson’s Please Explai...
How to Win with Game Theory & Defeat Smart Opponen...
Game Theory 101 (#35): Symmetric, Zero Sum Games...
What is a Zero Sum Game?...
Zero-Sum Games and Win-Win/Lose-Lose Situations Co...
What is a zero sum game and why is it bad?...
Game Theory Tutorial - Two-Players Zero-Sum Games,...
Zero Sum Game in Malayalam :Detailed Summary Part ...
-
by Nine Inch Nails
Zero-Sum
by: Nine Inch Nailsthey're starting to open up the sky
they're starting to reach down through
and it feels like we're living in that split-second
of a car crash
and time is slowing down
and if we only had a little more time
then this time
is all we have
do you remember the time we
and all the times we
and should have
and were going to
i know
and i know you remember
how we could justify it all
and we knew better
in our hearts we knew better
and we told ourselves it didn't matter
and we chose to continue
and none of that matters anymore
in the hour of our twilight
and soon it will be all said and done
and we will all be back together as one
if we will continue at all
shame on us
doomed from the start
may god have mercy
on our dirty little hearts
shame on us
for all we have done
and all we ever were
just zeros and ones
and you never get away
and you never get to take the easy way
and all of this is a consequence
brought on by our own hand
if you believe in that sort of thing
and did you ever really find
when you closed your eyes
any place that was still
and at peace
and i guess i just wanted to tell you
as the lights start to fade
that you are the reason
that i am not afraid
and i guess i just wanted to mention
as the heavens will fall
we will be together soon if we
will be anything at all
shame on us
doomed from the start
may god have mercy
on our dirty little hearts
shame on us
for all we have done
and all we ever were
just zeros and ones
shame on us (shame on us)
we knew from the start
may god have mercy
on our dirty little hearts
shame on us (shame on us)
for all we have done
and all we ever were
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These are one of the major reasons for the persistent farmers’ unrest in the state ... (Representational image) ... Development should not be a zero-sum game but rather an opportunity to integrate rural communities into the growth process ... See more ... ....
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Christmas mornings are filled with anticipation. Everyone looks forward to unwrapping presents. And in the spirit of giving, there are gifts for all ... As Election Day draws near, voters eagerly await results ... Elections are not zero-sum events.
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These initiatives aim to create greater opportunities ... A Zero-Sum Game’ on the Increasing Global Influence of the Gulf Region’ ... ....
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The conclusion of the last big meeting about Main Street was that there is absolutely zero consensus on what to do. That sums up my thinking exactly. The proposals under discussion are nothing new ... Two concerns kept surfacing ... Don’t screw it up ... ....
Edit
Illinois lawmakers could add internet gambling to state's bevy of betting options
Opponents argue it would be a zero-sum game for a state that has more places to bet than Nevada does, when counting Illinois’ 16 casinos, two racetracks and 8,660-and-counting bars, restaurants, gas ...
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Ultimately, the future of search may not be a zero-sum game ... .
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Chinese defense ministry slams U.S. annual defense policy bill
BEIJING, Dec ... National Defense Authorization Act (NDAA) for the Fiscal Year 2025 ... "We urge the United States to abandon its Cold War mentality and zero-sum mindset and to break free from its delusion of containing and outcompeting China," he stated ... .
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