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Game theory application-game theory analysis

Assignment Help Business Economics
Reference no: EM132456741

Part I : Game Theory Application

The first part of the paper should demonstrate an understanding of basic game theory concepts, including the following:

  • Elements of a game
  • Types of games
  • Types of strategies
  • Equilibrium
  • The prisoner's dilemma
  • The tragedy of the commons
  • Utility

When discussing these topics, provide original examples from current events, politics, business, or your personal life. Be sure that among your examples you discuss at least one in another discipline such as history, literature, or psychology. In other words, you should demonstrate that game theory can be applied to a variety of different disciplines.

Part 2: Game Theory Analysis

In this part of the paper you should analyze how well the concepts of game theory work in daily life. In other words, how can game theory benefit/harm personal and societal relationships and our responses to world events?

You do not need to respond to all of the following questions, but you should respond to some of them. They are designed to spark your thinking.

1. What does it mean to choose strategies "rationally" when outcomes depend on the strategies chosen by others and when information is incomplete?

2. In what circumstances is aggression rational and in what circumstances is cooperation rational?

3. How does game theory apply to personal relationships, especially ongoing ones?

4. Can moral rules of cooperation emerge spontaneously from the interactions of rational egoists?

5. What does it mean to be allocentric? How will being allocentric help in your personal and social life?

6. What is the value of flexibility, or of voluntarily giving up flexibility?

7. What does game theory say about cooperation, and do you agree with these ideas?

Reference no: EM132456741

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