What are dynamic games in game theory?
An example of an AI chatbot conversation about dynamic games in game theory.
What are dynamic games in game theory?
Dynamic games are strategic situations where players make decisions over time, considering the actions of others.
Can you give me an example of a dynamic game?
Sure! A classic example is the repeated prisoner's dilemma, where players choose to cooperate or defect in multiple rounds.
How do dynamic games differ from static games?
In static games, players make decisions simultaneously without knowledge of others' choices, while in dynamic games, decisions unfold over time.
What are some applications of dynamic games?
Dynamic games are used in economics, political science, and biology to model competition, negotiation, and evolution.
Are there any famous theories related to dynamic games?
Yes, the Folk Theorem is a key result in dynamic games, showing how cooperation can emerge in repeated interactions.
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