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105-418: The New Palgrave is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr. , Esteban Pérez Caldentey, and Matías Vernengo will be published in the future. The first edition was titled The New Palgrave: A Dictionary of Economics (1987), was and edited by John Eatwell , Murray Milgate , and Peter Newman , as

210-550: A "one-to-many" link, an "extended link" or a "multi-tailed link") is a hyperlink which leads to multiple endpoints; the link is a set-valued function . Tim Berners-Lee saw the possibility of using hyperlinks to link any information to any other information over the Internet . Hyperlinks were therefore integral to the creation of the World Wide Web . Web pages are written in the hypertext mark-up language HTML . This

315-411: A "trail" of related information, and then scroll back and forth among pages in a trail as if they were on a single microfilm reel. In a series of books and articles published from 1964 through 1980, Nelson transposed Bush's concept of automated cross-referencing into the computer context, made it applicable to specific text strings rather than whole pages, generalized it from a local desk-sized machine to

420-464: A (possibly asymmetric) zero-sum game by adding a dummy player (often called "the board") whose losses compensate the players' net winnings. Simultaneous games are games where both players move simultaneously, or instead the later players are unaware of the earlier players' actions (making them effectively simultaneous). Sequential games (or dynamic games) are games where players do not make decisions simultaneously, and player's earlier actions affect

525-439: A collection of characteristics relevant to the player such as their preferences and details about them. There must be a state for every set of features that some player believes may exist. For example, where Player 1 is unsure whether Player 2 would rather date her or get away from her, while Player 2 understands Player 1's preferences as before. To be specific, supposing that Player 1 believes that Player 2 wants to date her under

630-412: A discounted differential game over an infinite time interval. Evolutionary game theory studies players who adjust their strategies over time according to rules that are not necessarily rational or farsighted. In general, the evolution of strategies over time according to such rules is modeled as a Markov chain with a state variable such as the current strategy profile or how the game has been played in

735-578: A doctrine with intellectual and practical influence. The fact is, however, that most serious English-speaking economists regard Marxist economics as an irrelevant dead end. The New Palgrave does not take up the issue head on, but I think it gives a false impression of the state of play by this deadpan statement. It is rather as if a medical dictionary were to intersperse articles on mainstream orthopedics, written by orthopedists, with articles on osteopathy, written by osteopaths, and were to leave it at that. The 1987 dictionary's discussion of heterodox approaches

840-561: A document, e.g. a webpage , or other resource, or to a position in a webpage. The latter is achieved by means of an HTML element with a "name" or "id" attribute at that position of the HTML document. The URL of the position is the URL of the webpage with a fragment identifier  – "# id attribute " – appended. When linking to PDF documents from an HTML page the " id attribute " can be replaced with syntax that references

945-495: A game many times within their lifetime and, consciously or unconsciously, occasionally adjust their strategies. Individual decision problems with stochastic outcomes are sometimes considered "one-player games". They may be modeled using similar tools within the related disciplines of decision theory , operations research , and areas of artificial intelligence , particularly AI planning (with uncertainty) and multi-agent system . Although these fields may have different motivators,

1050-431: A graphical user interface, the appearance of a mouse cursor may change into a hand motif to indicate a link. In most graphical web browsers, links are displayed in underlined blue text when they have not been visited, but underlined purple text when they have. When the user activates the link (e.g., by clicking on it with the mouse ) the browser displays the link's target. If the target is not an HTML file, depending on

1155-426: A high-level approach as it describes only the structure and payoffs of coalitions, whereas non-cooperative game theory also looks at how strategic interaction will affect the distribution of payoffs. As non-cooperative game theory is more general, cooperative games can be analyzed through the approach of non-cooperative game theory (the converse does not hold) provided that sufficient assumptions are made to encompass all

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1260-475: A highly specialized public. Reviewing the 1987 edition for the New York Times , Robert M. Solow concluded that "this is a dictionary only in a very special sense. There are excellent survey articles, in various sizes, on various subjects. But the best of them are written by professionals for professionals." According to Solow, graduate students in economics would find the dictionary useful, but most of

1365-421: A hyperlink may vary with the hypertext system and may sometimes depend on the link itself; for instance, on the World Wide Web most hyperlinks cause the target document to replace the document being displayed, but some are marked to cause the target document to open in a new window (or, perhaps, in a new tab ). Another possibility is transclusion , for which the link target is a document fragment that replaces

1470-563: A letter attributed to Charles Waldegrave, an active Jacobite and uncle to British diplomat James Waldegrave , analyzed a game called " le her ". Waldegrave provided a minimax mixed strategy solution to a two-person version of the card game, and the problem is now known as the Waldegrave problem . In 1838, Antoine Augustin Cournot provided a model of competition in oligopolies . Though he did not refer to it as such, he presented

1575-407: A new window to be created. It is especially common to see this type of link when one large website links to an external page. The intention in that case is to ensure that the person browsing is aware that there is no endorsement of the site being linked to by the site that was linked from. However, the attribute is sometimes overused and can sometimes cause many windows to be created even while browsing

1680-510: A number", wrote Herbert Stein , who complained "There are articles about elasticities of this or that but no estimate of the elasticity of anything." Reviewing the critics of the over-emphasis on theoretical and "doctrinal" economics, editor Milgate admitted that the New Palgrave was flawed by its neglect of empirical economics. Robert M. Solow criticized the 1987 edition for slighting mainstream economics by giving excessive space to

1785-541: A page number or another element of the PDF, for example, "# page=386 ". A web browser usually displays a hyperlink in some distinguishing way, e.g. in a different color , font or style , or with certain symbols following to visualize link target or document types. This is also called link decoration . The behavior and style of links can be specified using the Cascading Style Sheets (CSS) language. In

1890-496: A person, or a person through an organization. The New Palgrave: A Dictionary of Economics (1987) is the title of the first New Palgrave edition. It is a four-volume reference edited by John Eatwell , Murray Milgate , and Peter Newman . It has 4,000 pages of entries, including 1,300 subject entries (with 4,000 cross-references), and 655 biographies. There were 927 contributors, including 13 Nobel Laureates in Economics at

1995-416: A player benefits only at the equal expense of others). Poker exemplifies a zero-sum game (ignoring the possibility of the house's cut), because one wins exactly the amount one's opponents lose. Other zero-sum games include matching pennies and most classical board games including Go and chess . Many games studied by game theorists (including the famed prisoner's dilemma) are non-zero-sum games, because

2100-466: A probability of 1/2 and get away from her under a probability of 1/2 (this evaluation comes from Player 1's experience probably: she faces players who want to date her half of the time in such a case and players who want to avoid her half of the time). Due to the probability involved, the analysis of this situation requires to understand the player's preference for the draw, even though people are only interested in pure strategic equilibrium. Games in which

2205-473: A regular window , but in a special hover box , which disappears when the cursor is moved away (sometimes it disappears anyway after a few seconds, and reappears when the cursor is moved away and back). Mozilla Firefox , IE , Opera , and many other web browsers all show the URL. In addition, the URL is commonly shown in the status bar . Normally, a link opens in the current frame or window, but sites that use frames and multiple windows for navigation can add

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2310-562: A single document (1966), and soon after for connecting between paragraphs within separate documents (1968), with NLS . Ben Shneiderman working with graduate student Dan Ostroff designed and implemented the highlighted link in the HyperTIES system in 1983. HyperTIES was used to produce the world's first electronic journal, the July 1988 Communications of the ACM , which was cited as the source for

2415-542: A single site. Another special page name is "_top", which causes any frames in the current window to be cleared away so that browsing can continue in the full window. The term "link" was coined in 1965 (or possibly 1964) by Ted Nelson at the start of Project Xanadu . Nelson had been inspired by " As We May Think ", a popular 1945 essay by Vannevar Bush . In the essay, Bush described a microfilm-based machine (the Memex ) in which one could link any two pages of information into

2520-722: A solution that is the Nash equilibrium of the game in his Recherches sur les principes mathématiques de la théorie des richesses ( Researches into the Mathematical Principles of the Theory of Wealth ). In 1883, Joseph Bertrand critiqued Cournot's model as unrealistic, providing an alternative model of price competition which would later be formalized by Francis Ysidro Edgeworth . In 1913, Ernst Zermelo published Über eine Anwendung der Mengenlehre auf die Theorie des Schachspiels ( On an Application of Set Theory to

2625-465: A special "target" attribute to specify where the link loads. If no window exists with that name, a new window is created with the ID, which can be used to refer to the window later in the browsing session. Creation of new windows is probably the most common use of the "target" attribute. To prevent accidental reuse of a window, the special window names "_blank" and "_new" are usually available, and always cause

2730-416: A standard method in game theory and mathematical economics . Von Neumann's work in game theory culminated in his 1944 book Theory of Games and Economic Behavior , co-authored with Oskar Morgenstern . The second edition of this book provided an axiomatic theory of utility , which reincarnated Daniel Bernoulli's old theory of utility (of money) as an independent discipline. This foundational work contains

2835-483: A summary of the current status of US copyright law as to hyperlinking, see the discussion regarding the Arriba Soft and Perfect 10 cases . Somewhat controversially, Vuestar Technologies has tried to enforce patents applied for by its owner, Ronald Neville Langford, around the world relating to search techniques using hyperlinked images to other websites or web pages. Game theory Game theory

2940-484: A technical subject. Like any technical subject it attracts some people who are more interested in the technique than the subject. That is too bad, but it may be inevitable. In any case, do not kid yourself: the technical core of economics is indispensable infrastructure for the political economy. That is why, if you consult Palgrave looking for enlightenment about the world today, you will be led to technical economics, or history, or nothing at all. More advanced mathematics

3045-424: A theoretical proprietary worldwide computer network, and advocated the creation of such a network. Though Nelson's Xanadu Corporation was eventually funded by Autodesk in the 1980s, it never created this proprietary public-access network. Meanwhile, working independently, a team led by Douglas Engelbart (with Jeff Rulifson as chief programmer ) was the first to implement the hyperlink concept for scrolling within

3150-437: A typical web browser, this would display as the underlined word "Example" in blue, which when clicked would take the user to the example.com website. This contributes to a clean, easy to read text or document. By default, browsers will usually display hyperlinks as such: When the cursor hovers over a link, depending on the browser and graphical user interface, some informative text about the link can be shown, popping up, not in

3255-411: A way of recovering the legacy of Inglis Palgrave famous dictionary. It was published in four volumes, while the second edition was under the direction of Steven N. Durlauf and Lawrence E. Blume and was published in eight volumes. Both are discussed in a section below. Access to full-text articles (for all editions and post-2018 updates) are available online by subscription, whether of an organization,

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3360-427: A wider variety of games than the criterion proposed by von Neumann and Morgenstern. Nash proved that every finite n-player, non-zero-sum (not just two-player zero-sum) non-cooperative game has what is now known as a Nash equilibrium in mixed strategies. Game theory experienced a flurry of activity in the 1950s, during which the concepts of the core , the extensive form game , fictitious play , repeated games , and

3465-677: Is Hex . A related field of study, drawing from computational complexity theory , is game complexity , which is concerned with estimating the computational difficulty of finding optimal strategies. Research in artificial intelligence has addressed both perfect and imperfect information games that have very complex combinatorial structures (like chess, go, or backgammon) for which no provable optimal strategies have been found. The practical solutions involve computational heuristics, like alpha–beta pruning or use of artificial neural networks trained by reinforcement learning , which make games more tractable in computing practice. Much of game theory

3570-547: Is non-cooperative if players cannot form alliances or if all agreements need to be self-enforcing (e.g. through credible threats ). Cooperative games are often analyzed through the framework of cooperative game theory , which focuses on predicting which coalitions will form, the joint actions that groups take, and the resulting collective payoffs. It is different from non-cooperative game theory which focuses on predicting individual players' actions and payoffs by analyzing Nash equilibria . Cooperative game theory provides

3675-579: Is a distinction between the mere act of linking to someone else's website, and linking to content that is illegal (e.g., gambling illegal in the US) or infringing (e.g., illegal MP3 copies). Several courts have found that merely linking to someone else's website, even if by bypassing commercial advertising, is not copyright or trademark infringement, regardless of how much someone else might object. Linking to illegal or infringing content can be sufficiently problematic to give rise to legal liability. Compare for

3780-623: Is added. In certain jurisdictions , it is or has been held that hyperlinks are not merely references or citations , but are devices for copying web pages. In the Netherlands, Karin Spaink was initially convicted in this way of copyright infringement by linking, although this ruling was overturned in 2003. The courts that advocate this view see the mere publication of a hyperlink that connects to illegal material to be an illegal act in itself, regardless of whether referencing illegal material

3885-446: Is also used to refer to a practical approach developed by Nigel Howard, whereby a situation is framed as a strategic game in which stakeholders try to realize their objectives by means of the options available to them. Subsequent developments have led to the formulation of confrontation analysis . Mean field game theory is the study of strategic decision making in very large populations of small interacting agents. This class of problems

3990-508: Is apparently more loyal than the genuine article. [Italics added] Stigler complained about the extensive and biased articles on Marxist economics, including " neo-Ricardian " economists (who follow Piero Sraffa ): "A nonprofessional reader would never guess from these volumes that economists working in the Marxian-Sraffian tradition represent a small minority of modern economists, and that their writings have virtually no impact upon

4095-475: Is captured in the different representations discussed above. Often, normal form is used to represent simultaneous games, while extensive form is used to represent sequential ones. The transformation of extensive to normal form is one way, meaning that multiple extensive form games correspond to the same normal form. Consequently, notions of equilibrium for simultaneous games are insufficient for reasoning about sequential games; see subgame perfection . In short,

4200-413: Is concerned with finite, discrete games that have a finite number of players, moves, events, outcomes, etc. Many concepts can be extended, however. Continuous games allow players to choose a strategy from a continuous strategy set. For instance, Cournot competition is typically modeled with players' strategies being any non-negative quantities, including fractional quantities. Differential games such as

4305-481: Is considered to be partially observable stochastic game (POSG), but few realistic problems are computationally feasible in POSG representation. These are games the play of which is the development of the rules for another game, the target or subject game. Metagames seek to maximize the utility value of the rule set developed. The theory of metagames is related to mechanism design theory. The term metagame analysis

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4410-463: Is illegal. In 2004, Josephine Ho was acquitted of 'hyperlinks that corrupt traditional values' in Taiwan . In 2000, British Telecom sued Prodigy , claiming that Prodigy infringed its patent ( U.S. patent 4,873,662 ) on web hyperlinks. After litigation , a court found for Prodigy, ruling that British Telecom 's patent did not cover web hyperlinks. In United States jurisprudence , there

4515-443: Is not allowed without permission. Contentious in particular are deep links , which do not point to a site's home page or other entry point designated by the site owner, but to content elsewhere, allowing the user to bypass the site's own designated flow, and inline links , which incorporate the content in question into the pages of the linking site, making it seem part of the linking site's own content unless an explicit attribution

4620-404: Is the study of mathematical models of strategic interactions. It has applications in many fields of social science , and is used extensively in economics , logic , systems science and computer science . Initially, game theory addressed two-person zero-sum games , in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it

4725-800: Is used for viewing and creating hypertext is a hypertext system , and to create a hyperlink is to hyperlink (or simply to link ). A user following hyperlinks is said to navigate or browse the hypertext. The document containing a hyperlink is known as its source document. For example, in content from Misplaced Pages or Google Search , many words and terms in the text are hyperlinked to definitions of those terms. Hyperlinks are often used to implement reference mechanisms such as tables of contents, footnotes , bibliographies , indexes , and glossaries . In some hypertext, hyperlinks can be bidirectional: they can be followed in two directions, so both ends act as anchors and as targets. More complex arrangements exist, such as many-to-many links. The effect of following

4830-741: Is what a hyperlink to the home page of the W3C organization could look like in HTML code: This HTML code consists of several tags : Webgraph is a graph , formed from web pages as vertices and hyperlinks, as directed edges. The W3C recommendation called XLink describes hyperlinks that offer a far greater degree of functionality than those offered in HTML. These extended links can be multidirectional , remove linking from, within, and between XML documents. It can also describe simple links , which are unidirectional and therefore offer no more functionality than hyperlinks in HTML. Permalinks are URLs that are intended to remain unchanged for many years into

4935-511: Is why a link to a fragment is called an anchor link (that is, a link to an anchor). For example, in XML , the element <anchor id="name" />" provides anchoring capability (as long as the DTD or schema defines it), and in wiki markup , {{anchor|name}} is a typical example of implementing it. In word processor apps, anchors can be inserted where desired and may be called bookmarks . In URLs ,

5040-450: The payoffs for each outcome. (Eric Rasmusen refers to these four "essential elements" by the acronym "PAPI".) A game theorist typically uses these elements, along with a solution concept of their choosing, to deduce a set of equilibrium strategies for each player such that, when these strategies are employed, no player can profit by unilaterally deviating from their strategy. These equilibrium strategies determine an equilibrium to

5145-573: The Brouwer fixed-point theorem on continuous mappings into compact convex sets , which became a standard method in game theory and mathematical economics . His paper was followed by Theory of Games and Economic Behavior (1944), co-written with Oskar Morgenstern , which considered cooperative games of several players. The second edition provided an axiomatic theory of expected utility , which allowed mathematical statisticians and economists to treat decision-making under uncertainty. Game theory

5250-428: The New Palgrave actually under-represented the mathematical element in modern economics; and under-represented it to a significant degree", wrote Milgate (1992 , p. 300). Commenting on contemporary economics, Solow described technical economics as its essential " infrastructure ": There is a lesson in the fate of Palgrave . Economics is no longer a fit conversation piece for ladies and gentlemen. It has become

5355-748: The Shapley value were developed. The 1950s also saw the first applications of game theory to philosophy and political science . The first mathematical discussion of the prisoner's dilemma appeared, and an experiment was undertaken by mathematicians Merrill M. Flood and Melvin Dresher , as part of the RAND Corporation 's investigations into game theory. RAND pursued the studies because of possible applications to global nuclear strategy . In 1965, Reinhard Selten introduced his solution concept of subgame perfect equilibria , which further refined

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5460-509: The file type and on the browser and its plugins , another program may be activated to open the file. The HTML code contains some or all of the five main characteristics of a link: It uses the HTML element "a" with the attribute "href" (HREF is an abbreviation for "Hypertext REFerence" ) and optionally also the attributes "title", "target", and " class " or "id": To embed a link into a web page, blogpost, or comment, it may take this form: In

5565-404: The outcome has net results greater or less than zero. Informally, in non-zero-sum games, a gain by one player does not necessarily correspond with a loss by another. Furthermore, constant-sum games correspond to activities like theft and gambling, but not to the fundamental economic situation in which there are potential gains from trade . It is possible to transform any constant-sum game into

5670-405: The "dissenting fringes within academic economics", namely Marxist economics as well as "Austrian persuasion" , Post-Keynesians , and neo-Ricardian . Nevertheless, there is usually a definite consensus—there is one now—and an accurate picture of the discipline would make that clear. It would have to give dissent a fair shake. It would have to treat mainstream ideas critically. But it should keep

5775-576: The Nash equilibrium. Later he would introduce trembling hand perfection as well. In 1994 Nash, Selten and Harsanyi became Economics Nobel Laureates for their contributions to economic game theory. In the 1970s, game theory was extensively applied in biology , largely as a result of the work of John Maynard Smith and his evolutionarily stable strategy . In addition, the concepts of correlated equilibrium , trembling hand perfection and common knowledge were introduced and analyzed. In 1994, John Nash

5880-495: The Theory of the Game of Chess ), which proved that the optimal chess strategy is strictly determined . The work of John von Neumann established game theory as its own independent field in the early-to-mid 20th century, with von Neumann publishing his paper On the Theory of Games of Strategy in 1928. Von Neumann's original proof used Brouwer's fixed-point theorem on continuous mappings into compact convex sets , which became

5985-436: The actions of the other players. However, there are many situations in game theory where participants do not fully understand the characteristics of their opponents. Negotiators may be unaware of their opponent's valuation of the object of negotiation, companies may be unaware of their opponent's cost functions, combatants may be unaware of their opponent's strengths, and jurors may be unaware of their colleague's interpretation of

6090-526: The articles would be inaccessible to non-economists, even undergraduate students of the liberal arts. For economists, however, the dictionary provided many excellent overviews of contemporary research. In response, editor Milgate (1992) confirmed that the articles were written for an audience of professional economists, and so neither for the general reading public nor for specialist economists. According to Milgate, New Palgrave downplayed mathematics, in comparison to leading economic journals. Only 24% of

6195-473: The average investor. Complimenting the article on international trade , Solow added a caveat lector : "But God forbid that" a reader without knowledge of economics should try to understand protectionism , by consulting the New Palgrave . In his review, George Stigler commended the dictionary's non-technical and conceptually rich article on social choice , which was written by Kenneth Arrow , among "numerous" excellent articles. However, Stigler criticized

6300-433: The closed-loop strategies are found using Bellman's Dynamic Programming method. A particular case of differential games are the games with a random time horizon . In such games, the terminal time is a random variable with a given probability distribution function. Therefore, the players maximize the mathematical expectation of the cost function. It was shown that the modified optimization problem can be reformulated as

6405-604: The columns contained "any mathematics" (and so required expensive hand-typesetting), while only 25% of the most recent issue of the American Economic Review ( AER ) in fact lacked mathematics, according to Milgate, who averred that the AER 's mathematical usage was typical of leading contemporary journals: The New Palgrave ' s usage of mathematics was the reciprocal of the contemporary profession's. ( Milgate 1992 , p. 299) "It must be concluded that

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6510-511: The concept of incentive compatibility . In 2012, Alvin E. Roth and Lloyd S. Shapley were awarded the Nobel Prize in Economics "for the theory of stable allocations and the practice of market design". In 2014, the Nobel went to game theorist Jean Tirole . A game is cooperative if the players are able to form binding commitments externally enforced (e.g. through contract law ). A game

6615-463: The continuous pursuit and evasion game are continuous games where the evolution of the players' state variables is governed by differential equations . The problem of finding an optimal strategy in a differential game is closely related to the optimal control theory. In particular, there are two types of strategies: the open-loop strategies are found using the Pontryagin maximum principle while

6720-425: The differences between sequential and simultaneous games are as follows: An important subset of sequential games consists of games of perfect information. A game with perfect information means that all players, at every move in the game, know the previous history of the game and the moves previously made by all other players. An imperfect information game is played when the players do not know all moves already made by

6825-1000: The difficulty of finding an optimal strategy stems from the multiplicity of possible moves are called combinatorial games. Examples include chess and Go . Games that involve imperfect information may also have a strong combinatorial character, for instance backgammon . There is no unified theory addressing combinatorial elements in games. There are, however, mathematical tools that can solve some particular problems and answer some general questions. Games of perfect information have been studied in combinatorial game theory , which has developed novel representations, e.g. surreal numbers , as well as combinatorial and algebraic (and sometimes non-constructive ) proof methods to solve games of certain types, including "loopy" games that may result in infinitely long sequences of moves. These methods address games with higher combinatorial complexity than those usually considered in traditional (or "economic") game theory. A typical game that has been solved this way

6930-458: The entries are very uneven, comparing it with Misplaced Pages as a source for information on economics. R. H. Inglis Palgrave 's Dictionary of Political Economy (1894–1899), 3 v., was the forerunner of The New Palgrave . The initial contractual agreement between Palgrave and the publisher Macmillan & Co. is dated 1888. Serial installments in 1891–92 had disappointing sales. An appendix was added to Volume III in 1908, so completing publication of

7035-534: The equilibrium school, introducing equilibrium coarsening and correlated equilibria, and developing an extensive formal analysis of the assumption of common knowledge and of its consequences. In 2007, Leonid Hurwicz , Eric Maskin , and Roger Myerson were awarded the Nobel Prize in Economics "for having laid the foundations of mechanism design theory". Myerson's contributions include the notion of proper equilibrium , and an important graduate text: Game Theory, Analysis of Conflict . Hurwicz introduced and formalized

7140-443: The evidence at trial. In some cases, participants may know the character of their opponent well, but may not know how well their opponent knows his or her own character. Bayesian game means a strategic game with incomplete information. For a strategic game, decision makers are players, and every player has a group of actions. A core part of the imperfect information specification is the set of states. Every state completely describes

7245-485: The full linked content is not needed, as is the case when rearranging a page layout . An anchor hyperlink (anchor link) is a link bound to a portion of a document, which is often called a fragment . The fragment is generally a portion of text or a heading, though not necessarily. For instance, it may also be a hot area in an image ( image map in HTML ), a designated, often irregular part of an image. Fragments are marked with anchors (in any of various ways), which

7350-621: The future, yielding hyperlinks that are less susceptible to link rot . Permalinks are often rendered simply, that is, as friendly URLs, so as to be easy for people to type and remember. Permalinks are used in order to point and redirect readers to the same Web page , blog post or any online digital media. The scientific literature is a place where link persistence is crucial to the public knowledge. A 2013 study in BMC Bioinformatics analyzed 15,000 links in abstracts from Thomson Reuters' Web of Science citation index, founding that

7455-412: The game pictured in this section's graphic is asymmetric despite having identical strategy sets for both players. Zero-sum games (more generally, constant-sum games) are games in which choices by players can neither increase nor decrease the available resources. In zero-sum games, the total benefit goes to all players in a game, for every combination of strategies, and always adds to zero (more informally,

7560-559: The game. For some problems, different approaches to modeling stochastic outcomes may lead to different solutions. For example, the difference in approach between MDPs and the minimax solution is that the latter considers the worst-case over a set of adversarial moves, rather than reasoning in expectation about these moves given a fixed probability distribution. The minimax approach may be advantageous where stochastic models of uncertainty are not available, but may also be overestimating extremely unlikely (but costly) events, dramatically swaying

7665-461: The general conception of the dictionary as written for advanced specialists. The list of Nobel laureates increased to 25, and the number of volumes also doubled. Perhaps as a result of already being an established institution there were a considerably smaller number of reviews. Declan Trott argued that the Dictionary is not properly a dictionary or an encyclopedia and that the quality and depth of

7770-438: The hash character (#) precedes the name of the anchor for the fragment. One way to define a hot area in an image is by a list of coordinates that indicate its boundaries. For example, a political map of Africa may have each country hyperlinked to further information about that country. A separate invisible hot area interface allows for swapping skins or labels within the linked hot areas without repetitive embedding of links in

7875-532: The history of economic thought. Furthermore, the editors failed to explain their neglect of empirical economics, while they gave large space to treatments of "technical economics", especially mathematical economics , and faddish topics, wrote Stigler. "The article on 'Profit and profit theory' does not contain a single number for what profits are or ever have been, in the United States or any other country, or any reference to any source that might provide such

7980-406: The inclusion of "dozens" of articles in mathematical economics , which failed to provide intuitive introductions to the problem, how it was solved, and what the solution is: "These articles were written, not for a tolerably competent economist, but exclusively for fellow specialists." Whitaker wrote, "Readers to whom economics is nothing if not a science based on empirical inquiry may be dismayed by

8085-549: The lack of attention to empirical studies and factual matters". Stigler criticized the New Palgrave for largely ignoring empirical economics—economic data, summary statistics, and econometric investigations. According to Stigler, the empirical investigation of consumption and production functions has profoundly influenced microeconomic theory, while the empirical investigation of price levels has profoundly influenced monetary economics: The New Palgrave' s neglect of empirical economics also weakened its treatment of economic theory and

8190-456: The link anchor within the source document. Not only persons browsing the document may follow hyperlinks. These hyperlinks may also be followed automatically by programs. A program that traverses the hypertext, following each hyperlink and gathering all the retrieved documents is known as a Web spider or crawler . An inline link displays remote content without the need for embedding the content. The remote content may be accessed with or without

8295-586: The link concept in Tim Berners-Lee 's Spring 1989 manifesto for the Web. In 1988, Ben Shneiderman and Greg Kearsley used HyperTIES to publish "Hypertext Hands-On!", the world's first electronic book. Released in 1987 for the Apple Macintosh , the database program HyperCard allowed for hyperlinking between various pages within a document, as well as to other documents and separate applications on

8400-410: The mathematics involved are substantially the same, e.g. using Markov decision processes (MDP). Stochastic outcomes can also be modeled in terms of game theory by adding a randomly acting player who makes "chance moves" (" moves by nature "). This player is not typically considered a third player in what is otherwise a two-player game, but merely serves to provide a roll of the dice where required by

8505-412: The median lifespan of Web pages was 9.3 years, and just 62% were archived. The median lifespan of a Web page constitutes high-degree variable, but its order of magnitude usually is of some months. A link from one domain to another is said to be outbound from its source anchor and inbound to its target. The most common destination anchor is a URL used in the World Wide Web . This can refer to

8610-454: The method for finding mutually consistent solutions for two-person zero-sum games. Subsequent work focused primarily on cooperative game theory, which analyzes optimal strategies for groups of individuals, presuming that they can enforce agreements between them about proper strategies. In his 1938 book Applications aux Jeux de Hasard and earlier notes, Émile Borel proved a minimax theorem for two-person zero-sum matrix games only when

8715-482: The opponent such as a simultaneous move game. Examples of perfect-information games include tic-tac-toe , checkers , chess , and Go . Many card games are games of imperfect information, such as poker and bridge . Perfect information is often confused with complete information , which is a similar concept pertaining to the common knowledge of each player's sequence, strategies, and payoffs throughout gameplay. Complete information requires that every player know

8820-407: The outcome and decisions of other players. This need not be perfect information about every action of earlier players; it might be very little knowledge. For instance, a player may know that an earlier player did not perform one particular action, while they do not know which of the other available actions the first player actually performed. The difference between simultaneous and sequential games

8925-472: The pay-off matrix is symmetric and provided a solution to a non-trivial infinite game (known in English as Blotto game ). Borel conjectured the non-existence of mixed-strategy equilibria in finite two-person zero-sum games , a conjecture that was proved false by von Neumann. In 1950, John Nash developed a criterion for mutual consistency of players' strategies known as the Nash equilibrium , applicable to

9030-406: The possible strategies available to players due to the possibility of external enforcement of cooperation. A symmetric game is a game where each player earns the same payoff when making the same choice. In other words, the identity of the player does not change the resulting game facing the other player. Many of the commonly studied 2×2 games are symmetric. The standard representations of chicken ,

9135-412: The prisoner's dilemma, and the stag hunt are all symmetric games. The most commonly studied asymmetric games are games where there are not identical strategy sets for both players. For instance, the ultimatum game and similarly the dictator game have different strategies for each player. It is possible, however, for a game to have identical strategies for both players, yet be asymmetric. For example,

9240-417: The professional work of most economists in major English-language universities." Stigler provided a table of articles that were biased by Marxist orthodoxy and also criticized some authors by name, especially a "violently pro-Marxist" entry by C. B. Macpherson on individualism . The General Editors were Steven N. Durlauf and Lawrence E. Blume . It added considerably on the previous edition, and maintained

9345-416: The recent past. Such rules may feature imitation, optimization, or survival of the fittest. In biology, such models can represent evolution , in which offspring adopt their parents' strategies and parents who play more successful strategies (i.e. corresponding to higher payoffs) have a greater number of offspring. In the social sciences, such models typically represent strategic adjustment by players who play

9450-479: The same computer. In 1990, Windows Help , which was introduced with Microsoft Windows 3.0 , had widespread use of hyperlinks to link different pages in a single help file together; in addition, it had a visually different kind of hyperlink that caused a popup help message to appear when clicked, usually to give definitions of terms introduced on the help page. The first widely used open protocol that included hyperlinks from any Internet site to any other Internet site

9555-542: The set. The Dictionary was wide-ranging and sometimes idiosyncratic. It included for example a comprehensive treatment of laws on property and commercial transactions. Professional reaction has been described as generally favorable and unsurprising, "given that almost all economists of any repute had already endorsed the enterprise by agreeing to contribute." Nearly thirty years after the first volume appeared, Palgrave's Dictionary of Political Economy (1923–1926), edited by Henry Higgs , appeared with Palgrave's name added to

9660-404: The strategies and payoffs available to the other players but not necessarily the actions taken, whereas perfect information is knowledge of all aspects of the game and players. Games of incomplete information can be reduced, however, to games of imperfect information by introducing " moves by nature ". One of the assumptions of the Nash equilibrium is that every player has correct beliefs about

9765-452: The strategy in such scenarios if it is assumed that an adversary can force such an event to happen. (See Black swan theory for more discussion on this kind of modeling issue, particularly as it relates to predicting and limiting losses in investment banking.) General models that include all elements of stochastic outcomes, adversaries, and partial or noisy observability (of moves by other players) have also been studied. The " gold standard "

9870-400: The time of first publication. It includes about 50 articles from Palgrave's Dictionary of Political Economy (1925–1927). It was roughly twice the length of its predecessor and differed further in excluding most subjects not on economics or closely related to its practice. It was developed as a modern version of the old Inglis Palgrave dictionary, with entries written by prominent economists for

9975-431: The title but few changes in structure or contents. Hyperlink In computing , a hyperlink , or simply a link , is a digital reference to data that the user can follow or be guided to by clicking or tapping . A hyperlink points to a whole document or to a specific element within a document. Hypertext is text with hyperlinks. The text that is linked from is known as anchor text . A software system that

10080-449: The user following the link. An inline link may display a modified version of the content; for instance, instead of an image, a thumbnail , low resolution preview , cropped section, or magnified section may be shown. The full content is then usually available on demand, as is the case with print publishing software – e.g., with an external link . This allows for smaller file sizes and quicker response to changes when

10185-441: The various "paradigms" in proportion. I do not think The New Palgrave has managed to do that. The most obvious, though not the most important, manifestation of imbalance is the large number of items devoted to Marxist themes, from "abstract and concrete labor" to "vulgar economy." Some of the articles are informative, some are mystifying; but that is not the point. Marx was an important and influential thinker, and Marxism has been

10290-497: The various skin elements. Text hyperlink. Hyperlink is embedded into a word or a phrase and makes this text clickable. Image hyperlink. Hyperlink is embedded into an image and makes this image clickable. Bookmark hyperlink. Hyperlink is embedded into a text or an image and takes visitors to another part of a web page. E-mail hyperlink. Hyperlink is embedded into e-mail address and allows visitors to send an e-mail message to this e-mail address. A fat link (also known as

10395-683: Was also criticized by George Stigler, who complained that these articles were written by sympathetic editors in a partisan manner: The selection of sympathetic writers ... is in fact a general practice in Palgrave ;II . Israel Kirzner 's essay on the Austrian economists does not hint at the existence of error, misrepresentation of critics, or tasteless attacks upon the German ;Historical School, and Klaus Henning ( sic. ) did little better with Böhm-Bawerk . An ersatz Austrian

10500-762: Was awarded the Nobel Memorial Prize in the Economic Sciences for his contribution to game theory. Nash's most famous contribution to game theory is the concept of the Nash equilibrium, which is a solution concept for non-cooperative games . A Nash equilibrium is a set of strategies, one for each player, such that no player can improve their payoff by unilaterally changing their strategy. In 2005, game theorists Thomas Schelling and Robert Aumann followed Nash, Selten, and Harsanyi as Nobel Laureates. Schelling worked on dynamic models, early examples of evolutionary game theory . Aumann contributed more to

10605-459: Was considered in the economics literature by Boyan Jovanovic and Robert W. Rosenthal , in the engineering literature by Peter E. Caines , and by mathematicians Pierre-Louis Lions and Jean-Michel Lasry. The games studied in game theory are well-defined mathematical objects. To be fully defined, a game must specify the following elements: the players of the game, the information and actions available to each player at each decision point, and

10710-627: Was developed extensively in the 1950s, and was explicitly applied to evolution in the 1970s, although similar developments go back at least as far as the 1930s. Game theory has been widely recognized as an important tool in many fields. John Maynard Smith was awarded the Crafoord Prize for his application of evolutionary game theory in 1999, and fifteen game theorists have won the Nobel Prize in economics as of 2020, including most recently Paul Milgrom and Robert B. Wilson . In 1713,

10815-400: Was extended to the study of non zero-sum games, and was eventually applied to a wide range of behavioral relations . It is now an umbrella term for the science of rational decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann . Von Neumann's original proof used

10920-451: Was implicit in some of the articles, many of which were well written and reasonably accessible. Solow recommended the "broad and deep" article on game theory by Robert J. Aumann for well-equipped graduate students, along with John Harsanyi 's article on bargaining theory . The articles on financial economics were "written by the best people— Stephen Ross , Robert Merton , and others—and they show it"; however, they were too difficult for

11025-581: Was the Gopher protocol from 1991. It was soon eclipsed by HTML after the 1993 release of the Mosaic browser (which could handle Gopher links as well as HTML links). HTML's advantage was the ability to mix graphics, text, and hyperlinks, unlike Gopher, which just had menu-structured text and hyperlinks. While hyperlinking among webpages is an intrinsic feature of the web , some websites object to being linked by other websites; some have claimed that linking to them

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