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Understanding game theory
Game theory is the study of human conflict and their cooperation in a competitive environment. It is an abstract model based purely upon the science of strategy. People participating in it have to consider each other’s action, reaction and counter actions.
There are essentially five elements of game theory which you can learn with Game theory assignment help. They are:
- Rules define the conditions under which it operates.
- Players indicate the strategic decision makers within the game.
- Strategies is described as the plan of action that a player will adopt in an attempt to resolve a situation in the game.
- Assumption is defined as the conditions that need to be satisfied in order to produce an apt solution.
- Payoff refers to the pay-out the player will receive as an outcome.
There are a number of game types which exist. Each of them has their own unique feature which you can learn about with game theory assignment help. The game types include:
- Symmetric or Asymmetric games
- Simultaneous or sequential games
- Combinatorial games
- Continuous games
- Population games
- Meta games
- Cooperative or Non-cooperative games
- Zero or non-zero sum
- Perfect or imperfect information game
- Infinitely long games
- Differential games
- Stochastic games
- Pooling games
Effects of game theory on economics
Game theory singly affects business decisions and in turn, the economy. It addresses the crucial issues which were present previously in mathematical models. For example, the neoclassical economists failed to understand the anticipation related to entrepreneurs and were unable to handle unfair competition. Game theory allowed the economists to concentrate on the market process.
With Game theory homework help, you can understand the way it affects business decisions. In this, every participant must anticipate the reaction of those affected by a certain decision. Similarly, in business, the agents have to anticipate the reaction of the employees, stockholders, and customers as well.
It is also responsible for a stable price in the market and picking up a price leader.
Game theory and Nash equilibrium
Nash equilibrium is a crucial part of game theory as it is an interesting solution to a game involving two or more players where the players want the best results for their own selves but have to take others into account as well.
It results in a stable strategy as once Nash equilibrium is attained; the player won’t receive any more benefit if they change their strategy. Each player has to be content with their choice of strategy and is on the assumption that the other players will continue with what has been agreed upon. Its limitations and results can be best understood with the help of Prisoner’s dilemma. You can opt for game theory homework help to understand Prisoner’s dilemma thoroughly.
Game theory and prisoner’s dilemma
The prisoner’s dilemma portrays that two players might not cooperate even if it’s in their best interest. In this, two prisoners who are suspected of burglary are offered a bargain. They are given the opportunity to betray each other as the police lack strong evidence. It can be better illustrated by the diagram with the help of game theory below:
Since the prisoner are kept apart and cannot communicate, they have no option but to take up the decision simultaneously. The payoff is the amount of jail time they get for each strategy they use.
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