Small-numbers game

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In economics and decision theory, a small-numbers game is a situation in an oligopolistic market in which the actions of one player have direct unforeseeable consequences for other players.

Economics social science that analyzes the production, distribution, and consumption of goods and services

Economics is the social science that studies the production, distribution, and consumption of goods and services.

Decision theory is the study of the reasoning underlying an agent's choices. Decision theory can be broken into two branches: normative decision theory, which gives advice on how to make the best decisions given a set of uncertain beliefs and a set of values, and descriptive decision theory which analyzes how existing, possibly irrational agents actually make decisions.

Market (economics) mechanisms whereby supply and demand confront each other and deals are made, involving places, processes and institutions in which exchanges occurs (for physical venues, use Q132510 or Q330284)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and resource allocation in a society. Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale.

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