An important viewpoint in classifying games is this: Is the sum of all payments received by all players (at the end of the game) always zero; or is t… - John von Neumann
" "An important viewpoint in classifying games is this: Is the sum of all payments received by all players (at the end of the game) always zero; or is this not the case? If it is zero, then one can say that the players pay only to each other, and that no production or destruction of goods is involved. All games which are actually played for entertainment are of this type. But the economically significant schemes are most essentially not such. There the sum of all payments, the total social product, will in general not be zero, and not even constant. I.e., it will depend on the behavior of the players — the participants in the social economy. This distinction was already mentioned in 4.2.1., particularly in footnote 2, p. 34. We shall call games of the first-mentioned type zero-sum games, and those of the latter type non-zero-sum games.
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About John von Neumann
John von Neumann (28 December 1903 – 8 February 1957) was a Hungarian-American-Jewish mathematician, physicist, inventor, computer scientist, and polymath. He made major contributions to a number of fields, including mathematics (foundations of mathematics, functional analysis, ergodic theory, geometry, topology, and numerical analysis), physics (quantum mechanics, hydrodynamics and quantum statistical mechanics), economics (game theory), computing (Von Neumann architecture, linear programming, self-replicating machines, stochastic computing), and statistics.
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Also Known As
Native Name:
margittai Neumann János Lajos
Also Known As:
Good Time Johnny
Alternative Names:
John Von Neumann
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Janos Lajos Neumann
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János Lajos Neumann
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von Neumann
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Neumann János Lajos
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John Louis von Neumann
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János Neumann
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The sciences do not try to explain, they hardly even try to interpret, they mainly make models. By a model is meant a mathematical construct which, with the addition of certain verbal interpretations, describes observed phenomena. The justification of such a mathematical construct is solely and precisely that it is expected to work.
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Apart from all other considerations, the main limitation of analog machines relates to precision. Indeed, the precision of electrical analog machines rarely exceeds 1:10^3, and even mechanical ones achieve at best 1:10^4 to 10^5... On the other hand, to go from 1:10^12 to 1:10^13 in a digital machine means merely adding one place to twelve; this means usually no more than a relative increase in equipment (not everywhere!) of 1/12 = 8.3 percent, and an equal loss in speed (not everywhere!) — none of which is serious.
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