Schelling point
/ˈʃelɪŋ ˌpɔɪnt/
a solution people converge on without communication
Schelling point in a sentence
“Grand Central Station is a Schelling point for meeting in NYC.”
Origin of Schelling point
Named after Thomas Schelling, American economist (1921-2016)
Related Words
tit for tat
a strategy of cooperating first, then mirroring opponent's previous move
first-mover advantage
the benefit gained by being the initial actor in a market or game
commitment device
a mechanism that binds one to a future course of action
signaling
actions taken to convey information about oneself to others
screening
actions by the uninformed party to induce information revelation
moral hazard
increased risk-taking by someone protected from consequences