---
type: "Learn"
title: "零和游戏"
locale: "en"
url: "https://longbridge.com/en/learn/zero-sum-game-100733.md"
parent: "https://longbridge.com/en/learn.md"
datetime: "2026-04-08T14:25:16.537Z"
locales:
  - [en](https://longbridge.com/en/learn/zero-sum-game-100733.md)
  - [zh-CN](https://longbridge.com/zh-CN/learn/zero-sum-game-100733.md)
  - [zh-HK](https://longbridge.com/zh-HK/learn/zero-sum-game-100733.md)
---

# 零和游戏

<p>Zero-sum is a situation, often cited in game theory, in which one person’s gain is equivalent to another’s loss, so the net change in wealth or benefit is zero. A zero-sum game may have as few as two players or as many as millions of participants.In financial markets, options and futures are examples of zero-sum games, excluding transaction costs. For every person who gains on a contract, there is a counter-party who loses.</p>

## Definition

A zero-sum game refers to a situation, often cited in game theory, where one person's gain is equivalent to another's loss, resulting in a net change of zero in wealth or benefit. Zero-sum games can involve two participants or millions. In financial markets, options and futures are examples of zero-sum games, excluding transaction costs. For every person who profits from a contract, there is a counterparty who incurs a loss.

## Origin

The concept of a zero-sum game originates from game theory, a mathematical discipline that studies strategic decision-making. Game theory was developed by John von Neumann and Oskar Morgenstern in the 1940s, who systematically introduced the concept in their 1944 book, "Theory of Games and Economic Behavior."

## Categories and Features

Zero-sum games can be divided into two categories: complete information zero-sum games and incomplete information zero-sum games. In complete information zero-sum games, all participants are aware of all the information and rules of the game; whereas in incomplete information zero-sum games, participants may lack full information about other participants' strategies or the rules of the game. A notable feature of zero-sum games is the adversarial nature between participants, often used to describe competitive markets or adversarial negotiations.

## Case Studies

A typical example of a zero-sum game is the futures market. For instance, in a wheat futures contract, if one investor profits from the contract, another investor must incur a loss on the same contract. Another example is currency pair trading in the forex market, where if one trader profits on the EUR/USD pair, another trader will incur a corresponding loss.

## Common Issues

Investors often misunderstand the scope of zero-sum games when applying the concept. A common misconception is that all financial transactions are zero-sum games, whereas many financial market transactions are non-zero-sum because they can create value or wealth. Another issue is overlooking transaction costs, which can affect the net outcome of a zero-sum game.