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Game Theory: An Overview of Payoff Matrix
Game theory is defined as the science of strategy. In decision making situations, individuals are faced with conflicting and cooperative methods of strategy against rational opponents in which different combinations of strategies result in different payouts (Dixit, Nalebluff). Payouts differ depending on the type of game be...
The Application of Game Theory in Different Fields
“Here some one thrust these cards into these old hands of mine, swears that I must play them, and no others. And damn me, Ahab, but thou actest right, live in the game, and die in it.” - Herman Melville, Moby Dick Game theory can be applied to many different fields – simply as a tool of mathematical economics. Because it...
A Study on Game Theory and Decision-Making
In short, Game Theory studies strategic decision making that will benefit a person or a group of persons; also, it studies the converse. It studies the way people will be at a disadvantage based off of other people's decisions, and, under certain circumstances, their own decisions. Game theory also involves studying and pr...
Understanding Game Theory
Introduction Game theory is a branch of mathematics concerned with studying the strategic decision making of multiple intelligent parties. In determining the set of equilibrium strategies for each player, a game theorist factors in the possible outcomes, actions, and knowledge present to the parties. These equilibrium stra...
Game Theory and Strategy of Rock, Paper, Scissors
Ben VandenBerg-Stephansen Game Theory and Strategy 5-1-00 Rock, Paper, Scissors Remember playing Rocks, Paper, Scissors back when you couldn’t choose “who gets the last piece of pie”? Where you good, or did you not use the right strategy? Yeah that’s right, strategy! Before analyzing your opponent everyone has some s...
An In-Depth Analysis of the Popular Game Theory of Prisoner's Dilemma
One of the most famous and most thoroughly studied examples of game theory is the Prisoners Dilemma. In this situation, the police have caught two people and charged them with a crime. The police separate the prisoners into different rooms and give them the option of confessing. The police tell the two prisoners that they...
A Comprehensive Analysis and the History and Taxonomy of Game Theory
The History and Taxonomy of Game Theory Contents Introduction and Brief History I - Static Non-Cooperative Games 1. Strategic Normal Games 2. Bayesian (Incomplete Information) Games II - Dynamic Non-Cooperative Games 1. Strategic Extensive Games 2. Imperfect Information Games 3. Finite Repeated Games 4. I...
Solomon's Different Reasons Why He Rejects the Presuppositions of The Game Theory
Presuppositions of The Game Theory Soloman believes that as the game theory gets more sophisticated, we tend to lose sight of the problem rather than solve it. He sees the problem as how to get people to think about business and about themselves in an Aristotelian rather than a neo-Hobbesian (or even a Rawlsian) way, wh...
The Fundamentals of the Game Theory
Game Theory (Strategic Thinking in Everyday Life) Have you ever been faced with having to live with a decision you made knowing that had you taken the time to analyze the outcomes you may have made a more intelligible choice? Most likely the answer to that question was "yes". After all that is more - or - less...
A History and Taxonomy of Game Theory
The History and Taxonomy of Game Theory Contents Introduction and Brief History I - Static Non-Cooperative Games 1. Strategic Normal Games 2. Bayesian (Incomplete Information) Games II - Dynamic Non-Cooperative Games 1. Strategic Extensive Games 2. Imperfect Information Games 3. Finite Repeated Game...