the New York City question: if you are to meet a stranger in New York City, but you cannot communicate with the person, then when and where will you choose to meet? This is a coordination game, where any place and time in the city could be an equilibrium solution. Schelling asked a group of students this question, and found the most common answer was "noon at (the information booth at) Grand Central Terminal". There is nothing that makes Grand Central Terminal a location with a higher payoff (you could just as easily meet someone at a bar or the public library reading room), but its tradition as a meeting place raises its salience and therefore makes it a natural "focal point". Example of a Shelling Point or coordination between players without communication.
Focal point (game theory)
from wikipedia.org
Filed under:
Same Source
Related Notes
- we are creating more data than we can manage. The primary output o...from johnnydecimal.com
- Sometimes people use "respect" to mean "treating som...from kottke.org
- I recommend that teams receiving executive feedback try to “extract...from Irrational Exuberance
- That said, much like [internal communication](https://lethain.com/i...from Irrational Exuberance
- The people whose compensation depends on your opinion have ample ti...from yosefk.com
- I recommend sharing the full document with the group, then spending...from Irrational Exuberance
- In *Staff Engineer*, I argued that writing an engineering strategie...from Irrational Exuberance
- A strategy is composed of three parts: 1. **Diagnosis:** a theory ...from Irrational Exuberance