PAY-OFF
| Collection | International Encyclopedia of Systems and Cybernetics |
|---|---|
| Year | 2004 |
| Vol. (num.) | 2(2) |
| ID | ◀ 2504 ▶ |
| Object type | General information, Human sciences, Methodology or model |
In mathematical, game theory , the gain or loss of a player.
It can be formalized through a pay-off function .
The concept of pay-off may however lead to an oversimplified view of more complex issues , not reducible to game theory.
The ecological “game” (and probably in the long run the economic global gain), for ex. is implicitly based on the stability and supposed inexhaustability of the environmental resources . This leads to probably illusory models of positive-sum games , i.e. obtention of pay-offs …that must never be payed for, since natural substrate is the invisible loser
Any game theory concept applied to complexissues should be at least two-tiered, i.e. complemented hierarchically by a super-game of players against the environment .
Permanent carrying capacity should be monitored, and this could possibly be done through national and planetary patrimonial accounting of natural renewable and non-renovable resources.
See also
Commons, Economics in systemic terms