Chapter 2 Flashcards
(15 cards)
Define: complete information
the situation in which each actor in a game know the exact payoff from each possible outcome
Define: cross-sectional measure
a measure for which the time dimension is the same for all cases and the cases represent multiple spatial units
Define: expected utility
a calculation equal to the sum of all expected benefits minus the sum of all expected costs from that action. Under this calculation, the exact benefits and costs are not known with certainty.
Deine: formal theory
the application of game theory and other formal mathematical tools to puzzles of human behavior. (Used interchangeably with “rational choice”.
Define: incomplete information
the situation in which each actor in a game does not know the exact payoffs from each possible outcome.
Define: intransitive
an illogical mathematical relationship such that, despite the fact that A is greater than B and B is greater than C, C is greater than A
Define: preference orderings
the ranking from greatest to least of an actor’s preferred outcomes
Define: rational choice
the application of game theory and other formal mathematical tools to puzzles of human behavior. (used interchangeably with “formal theory.”
Define: rational utility maximizers
an assumption about human behavior that stipulates that individuals attempt to maximize their self-interest.
Define: spatial dimension
the physical units on which a variable is measured
Define: strategic vote
a vote cast with strategic context in mind
Define: time dimension
the point or points in time at which a variable is measured
Define: time-series measure
a measure for which the spatial dimension is the same for all cases and the cases represent multiple time units
Define: transitive
a mathematical relationship such that if A is greater than B and B is greater than C, the A must be greater than C.
A>B, B>C, A>C
Define: utility
a calcualtion equal to the sum of all enfits minus the sum of all costs from that action
