The chain store paradox is a game theory problem that challenges conventional rational choice assumptions about strategic behavior in sequential games. It describes a scenario where an incumbent chain store faces sequential entry threats from multiple potential competitors in different markets.
The Monty Hall problem is a brain teaser, in the form of a probability puzzle, based nominally on the American television game show Let's Make a Deal and named after its original host, Monty Hall. The problem was originally posed in a letter by Steve Selvin to the American Statistician in 1975.
In game theory, a Nash equilibrium is a situation where no player could gain more by changing their own strategy (holding all other players' strategies fixed) in a game. A Nash equilibrium is the most commonly used solution concept for non-cooperative games.
Free choice is a phenomenon in natural language where a linguistic disjunction appears to receive a logical conjunctive interpretation when it interacts with a modal operator. For example, the following English sentences can be interpreted to mean that the addressee can watch a movie and that they can also play video games, depending on their preference: You can watch a movie or play video games.
Parrondo's paradox, a paradox in game theory, describes how a combination of losing strategies can become a winning strategy. It is named after its creator, Juan Parrondo, who discovered the paradox in 1996.
The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ('defect') for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
A puzzle is a game, problem, or toy that tests a person's ingenuity or knowledge. In a puzzle, the solver is expected to put pieces together (or take them apart) in a logical way, in order to find the solution of the puzzle.
The three prisoners problem appeared in Martin Gardner's 'Mathematical Games' column in Scientific American in 1959. It is mathematically equivalent to the Monty Hall problem with the car and goat replaced respectively with freedom and execution.