🔗 A Schelling point is a solution people choose by default in a coordination game
🔗 Game theory
In game theory, a focal point (or Schelling point) is a solution that people tend to choose by default in the absence of communication. The concept was introduced by the American economist Thomas Schelling in his book The Strategy of Conflict (1960). Schelling states that "(p)eople can often concert their intentions or expectations with others if each knows that the other is trying to do the same" in a cooperative situation (at page 57), so their action would converge on a focal point which has some kind of prominence compared with the environment. However, the conspicuousness of the focal point depends on time, place and people themselves. It may not be a definite solution.
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- "A Schelling point is a solution people choose by default in a coordination game" | 2021-01-05 | 65 Upvotes 13 Comments