Yale
This collection of nodes represents what a player does not know within a game.
What is an information set?
Douglass C. North defines these as "the humanly devised constraints that structure political, economic, and social interaction"
What are institutions?
In 1978, farmers in this small Chinese village signed a secret contract that eventually transformed China's economy.
What is Xiaogang?
William H. Neukom, Co-Founder & CEO of the World Justice Project, states that this is "the foundation for healthy communities of justice, opportunity, and peace".
What is the rule of law?
What is the mitochondria?
This type of game typically involves players knowing what previous players have done when they make their choice.
What are sequential move games under perfect information?
According to North, institutions consist of both informal constraints, like customs and traditions, and these types of rules, such as constitutions and laws.
What are formal rules?
Under communist collective farming, farmer Yen Jingchang noted there was no incentive to work hard because everyone received this, regardless of their effort.
What is the same (amount of food or pay)?
The World Justice Project's definition of the rule of law is built around this specific number of universal principles.
What are four?
77+33
What is 110?
In games of imperfect information, a player's strategy must now specify what they will do at each of these, rather than at every single node, because they cannot distinguish between certain decision points.
What is an information set?
Throughout history, human beings devised institutions to create order and reduce this in exchange.
What is uncertainty?
The desperate farmers of Xiaogang decided that, instead of collective farming, each family would get to farm its own plot of land and could keep some of the harvest, directly contradicting this prevailing economic system.
What is communism (or collective farming)?
This universal principle of the rule of law means that both the government and private actors are held responsible under the law.
What is accountability?
This is the highest selling console in 2025.
What is a PS5?
The assumption of this means a player can recall their own previous moves, and its absence could explain why institutions like firms might not distinguish between actions taken by different internal players.
What is perfect recall (or perfect memory)?
These societal structures evolve incrementally, connect the past with the present and future, and provide the incentive structure of an economy, influencing its growth, stagnation, or decline.
What are institutions?
Recognizing the high risk of their secret contract, the farmers agreed that if any of them were imprisoned or executed, the others in the group would take on this responsibility until the children reached 18.
What is caring for their children?
This principle suggests that the law should be clear, publicly available, stable, and apply equally to people of all backgrounds and social classes, while also enshrining human, procedural, and property rights.
What is Just Law?
This is how many countries lie on the equator.
What is 13?
This refined equilibrium notion ensures that a Nash equilibrium is consistent with backward induction by requiring that it induces a Nash equilibrium in every sub-game of the game.
What is sub-game perfection (or a sub-game perfect equilibrium)?
Understanding the historical performance of economies is largely a story of the evolution of these, which shape the direction of economic change.
What is institutional evolution?
This Chinese leader, just coming to power in 1978, championed the reforms pioneered in Xiaogang, leading to widespread economic changes and lifting approximately 500 million people out of poverty in China.
Who is Deng Xiaoping?
Correlating with higher economic growth, greater peace, more education, and improved health outcomes, over 6 billion people globally currently live in a country where the prevalence of this foundational concept is declining.
What is the rule of law?
This is the price of the Graff Diamonds Hallucination watch. (You have to answer within 10 of unit, so if it was 30 thousand, you have to answer within 10 thousand of the 30 thousand)
What is 55 million?