Tacit knowledge is the type of knowledge that is difficult to articulate or transfer to others because it is deeply rooted in personal experience, intuition, and context. It underlies skills and insights that individuals acquire through practice and is often contrasted with explicit knowledge, which can be easily documented and shared.
Iterated reasoning involves repeatedly applying logical steps to refine conclusions or beliefs, often used in strategic decision-making and problem-solving contexts. It is essential in understanding how agents anticipate and react to the actions of others, leading to more sophisticated and accurate predictions or strategies.
Judicial notice is a legal doctrine that allows a court to recognize and accept certain facts as true without requiring formal evidence. It streamlines the judicial process by acknowledging facts that are either common knowledge or easily verifiable from reliable sources.
Focal points refer to solutions or strategies that people naturally gravitate towards in the absence of communication, often due to their prominence or perceived obviousness. These points are crucial in coordination games and decision-making processes, where they help individuals align their actions based on shared expectations or cultural norms.
A Schelling Point, or focal point, is a solution that people tend to choose by default in the absence of communication, due to its natural, special, or relevant characteristics. It is a concept in game theory that explains how individuals can successfully coordinate their actions or decisions without prior agreement or communication.
Type space is a mathematical framework used in game theory to model the beliefs and uncertainties of players about each other's types, capturing the strategic interdependencies in games of incomplete information. It allows for the formalization of concepts like Bayesian games and common knowledge, enabling the analysis of how players form expectations and make decisions based on their beliefs about other players' preferences and strategies.
Judicial recognition is when a judge says something is true without needing proof, like knowing the sky is blue. It makes things faster in court because everyone agrees on something simple and obvious.
Iterated dominance is a solution concept in game theory that systematically eliminates strategies that are dominated, either strictly or weakly, by other strategies, potentially simplifying complex strategic interactions. This process involves successively removing dominated strategies from the game until potentially reaching a reduced game where the remaining strategy profiles are often easier to analyze, providing clearer insights into strategic behavior.