ZS meaning in Maths ?
Answer: What is Zero Sum mean?
In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which an advantage that is won by one of two sides is lost by the other. If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus, cutting a cake, where taking a more significant piece reduces the amount of cake available for others as much as it increases the amount available for that taker, is a zero-sum game if all participants value each unit of cake equally. Other examples of zero-sum games in daily life include games like poker, chess, and bridge where one person gains and another person loses, which results in a zero-net benefit for every player. In the markets and financial instruments, futures contracts and options are zero-sum games as well. Nevertheless, the situation like the stock market etc. is not a zero-sum game because investors could gain profit or loss from share price influences by profit forecasts or economic outlooks rather than gain profit from other investors' losses.
In contrast, non-zero-sum describes a situation in which the interacting parties' aggregate gains and losses can be less than or more than zero. A zero-sum game is also called a strictly competitive game, while non-zero-sum games can be either competitive or non-competitive. Zero-sum games are most often solved with the minimax theorem which is closely related to linear programming duality, or with Nash equilibrium. Prisoner's Dilemma is a classical non-zero-sum game.
Many people have a cognitive bias towards seeing situations as zero-sum, known as zero-sum bias.
reference
Comments(0)
Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.