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- Folk_theorem_(game_theory) abstract "In game theory, folk theorems are a class of theorems about possible Nash equilibrium payoff profiles in an infinitely repeated game (Friedman 1971). For an infinitely repeated game, any Nash equilibrium payoff must weakly dominate the minmax payoff profile of the constituent stage game. This is because a player achieving less than his minmax payoff always has incentive to deviate by simply playing his minmax strategy at every history. The folk theorem is a partial converse of this: A payoff profile is said to be feasible if it lies in the convex hull of the set of possible payoff profiles of the stage game. The folk theorem states that any feasible payoff profile that strictly dominates the minmax profile can be realized as a Nash equilibrium payoff profile, with sufficiently large discount factor.For example, in the Prisoner's Dilemma, both players cooperating is not a Nash equilibrium. The only Nash equilibrium is given by both players defecting, which is also a mutual minmax profile. The folk theorem says that, in the infinitely repeated version of the game, provided players are sufficiently patient, there is a Nash equilibrium such that both players cooperate on the equilibrium path.In mathematics, the term folk theorem refers generally to any theorem that is believed and discussed, but has not been published. In order that the name of the theorem be more descriptive, Roger Myerson has recommended the phrase general feasibility theorem in the place of folk theorem for describing theorems which are of this class.".
- Folk_theorem_(game_theory) wikiPageExternalLink 5.3.FolkTheoremSampler.1.0.pdf.
- Folk_theorem_(game_theory) wikiPageID "3013390".
- Folk_theorem_(game_theory) wikiPageRevisionID "600171990".
- Folk_theorem_(game_theory) discoverer "various, notably Ariel Rubinstein".
- Folk_theorem_(game_theory) example Repeated_game.
- Folk_theorem_(game_theory) hasPhotoCollection Folk_theorem_(game_theory).
- Folk_theorem_(game_theory) name "Folk theorem".
- Folk_theorem_(game_theory) subsetof Minimax.
- Folk_theorem_(game_theory) subsetof Nash_equilibrium.
- Folk_theorem_(game_theory) usedfor "Infinitely repeated games".
- Folk_theorem_(game_theory) subject Category:Game_theory.
- Folk_theorem_(game_theory) type Abstraction100002137.
- Folk_theorem_(game_theory) type Attribute100024264.
- Folk_theorem_(game_theory) type Equilibrium113934900.
- Folk_theorem_(game_theory) type Situation113927383.
- Folk_theorem_(game_theory) type State100024720.
- Folk_theorem_(game_theory) comment "In game theory, folk theorems are a class of theorems about possible Nash equilibrium payoff profiles in an infinitely repeated game (Friedman 1971). For an infinitely repeated game, any Nash equilibrium payoff must weakly dominate the minmax payoff profile of the constituent stage game. This is because a player achieving less than his minmax payoff always has incentive to deviate by simply playing his minmax strategy at every history.".
- Folk_theorem_(game_theory) label "Folk theorem (game theory)".
- Folk_theorem_(game_theory) label "Folk-Theorem".
- Folk_theorem_(game_theory) label "Teorema de tradición oral".
- Folk_theorem_(game_theory) label "フォーク定理".
- Folk_theorem_(game_theory) sameAs Folk-Theorem.
- Folk_theorem_(game_theory) sameAs Teorema_de_tradición_oral.
- Folk_theorem_(game_theory) sameAs フォーク定理.
- Folk_theorem_(game_theory) sameAs m.08kkt_.
- Folk_theorem_(game_theory) sameAs Q650738.
- Folk_theorem_(game_theory) sameAs Q650738.
- Folk_theorem_(game_theory) sameAs Folk_theorem_(game_theory).
- Folk_theorem_(game_theory) wasDerivedFrom Folk_theorem_(game_theory)?oldid=600171990.
- Folk_theorem_(game_theory) isPrimaryTopicOf Folk_theorem_(game_theory).