Evolutionarily stable strategyAn evolutionarily stable strategy (ESS) is a strategy (or set of strategies) that is impermeable when adopted by a population in adaptation to a specific environment, that is to say it cannot be displaced by an alternative strategy (or set of strategies) which may be novel or initially rare. Introduced by John Maynard Smith and George R. Price in 1972/3, it is an important concept in behavioural ecology, evolutionary psychology, mathematical game theory and economics, with applications in other fields such as anthropology, philosophy and political science.
Strategy (game theory)In game theory, a player's strategy is any of the options which they choose in a setting where the outcome depends not only on their own actions but on the actions of others. The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. A player's strategy will determine the action which the player will take at any stage of the game.
Game theoryGame theory is the study of mathematical models of strategic interactions among rational agents. It has applications in all fields of social science, as well as in logic, systems science and computer science. The concepts of game theory are used extensively in economics as well. The traditional methods of game theory addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by the losses and gains of other participants.
Zero-sum gameZero-sum game is a mathematical representation in game theory and economic theory of a situation that involves two sides, where the result is an advantage for one side and an equivalent loss for the other. In other words, player one's gain is equivalent to player two's loss, with the result that the net improvement in benefit of the game is zero. If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero.
Real options valuationReal options valuation, also often termed real options analysis, (ROV or ROA) applies option valuation techniques to capital budgeting decisions. A real option itself, is the right—but not the obligation—to undertake certain business initiatives, such as deferring, abandoning, expanding, staging, or contracting a capital investment project. For example, real options valuation could examine the opportunity to invest in the expansion of a firm's factory and the alternative option to sell the factory.
Contingent claimIn finance, a contingent claim is a derivative whose future payoff depends on the value of another “underlying” asset, or more generally, that is dependent on the realization of some uncertain future event. These are so named, since there is only a payoff under certain contingencies. Any derivative instrument that is not a contingent claim is called a forward commitment. The prototypical contingent claim is an option, the right to buy or sell the underlying asset at a specified exercise price by a certain expiration date; whereas (vanilla) swaps, forwards, and futures are forward commitments, since these grant no such optionality.
Strategy gameA strategy game or strategic game is a game (e.g. a board game) in which the players' uncoerced, and often autonomous, decision-making skills have a high significance in determining the outcome. Almost all strategy games require internal decision tree-style thinking, and typically very high situational awareness. Strategy games are also seen as a descendant of war games, and define strategy in terms of the context of war, but this is more partial.
Sea levelMean sea level (MSL, often shortened to sea level) is an average surface level of one or more among Earth's coastal bodies of water from which heights such as elevation may be measured. The global MSL is a type of vertical datum a standardised geodetic datum that is used, for example, as a chart datum in cartography and marine navigation, or, in aviation, as the standard sea level at which atmospheric pressure is measured to calibrate altitude and, consequently, aircraft flight levels.
Sea level riseBetween 1901 and 2018, the average global sea level rose by , or an average of 1–2 mm per year. This rate accelerated to 4.62 mm/yr for the decade 2013–2022. Climate change due to human activities is the main cause. Between 1993 and 2018, thermal expansion of water accounted for 42% of sea level rise. Melting temperate glaciers accounted for 21%, with Greenland accounting for 15% and Antarctica 8%. Sea level rise lags changes in the Earth's temperature.
