Advantages and limitations of game theory, Mathematics

Assignment Help:

Advantages And Limitations Of Game Theory

Advantage

Game theory assists us to learn how to approach and understand a conflict condition and to develop the decision making process

Limitation:

1. Businessmen do not contain all the knowledge necessary by the theory of games. Most often they do not identify all the strategies available to them nor do they recognize all the strategies available to their rivals

2. There is a great deal of uncertainty. Thus we always restrict ourselves to those games with known outcomes

3. The implications of the Minimax strategy is, the businessman minimizes the chance of maximum loss. This strategy is extremely conservative, for an ambitious business man.

4. The techniques of solving games concerning to mixed strategies whereas pay off matrices are rather large is extremely complicated.

5. In non-zero sum games, mathematical solutions are not usually possible. For illustration a reduction in the price of a commodity may raise overall demand. This is also not essential that demand units will shift from one firm to other.

 


Related Discussions:- Advantages and limitations of game theory

Find the annual percentage yield, 1.   Find the APY for the bank described ...

1.   Find the APY for the bank described below- A bank offers an APR of 4% compounded monthly. 2.  Use the compound interest formula to compute the balance in the following a

GEOMETRIC PROGRESSION, THE FIRST AND THIRD TERM OF A G.P ARE 8 AND 18 RESPE...

THE FIRST AND THIRD TERM OF A G.P ARE 8 AND 18 RESPECTIVELY AND THE COMMON RATIO IS POSITIVE.FIND THE COMMON RATIO

Show that the vector is in the perfect matching polytope, 1.  Let G = (V,E)...

1.  Let G = (V,E) be a graph for which all nodes have degree 5 and where G is 5-edge is connected. a) Show that the vector x which is indexed by the edges E and for which x e =

Solid Mensuration, The two sides of a triangle are 17 cm and 28 cm long, an...

The two sides of a triangle are 17 cm and 28 cm long, and the length of the median drawn to the third side is equal to 19.5 cm. Find the distance from an endpoint of this median to

Comparing, compare 643,251 633,512 and 633.893 the answer is 633.512 what i...

compare 643,251 633,512 and 633.893 the answer is 633.512 what is the question

Operations with rational numbers, larry spends 3/4 hours twice a day walkin...

larry spends 3/4 hours twice a day walking and playing with his dog. He spends 1/6 hours twice a day feeding his dog. how much time does larry spend on his dog each day?

Determine y' for xy = 1 by implicit differentiation, Determine y′ for xy = ...

Determine y′ for xy = 1 . Solution : There are in fact two solution methods for this problem. Solution 1: It is the simple way of doing the problem.  Just solve for y to

Example of optimization , A piece of pipe is carried down a hallway i.e 10 ...

A piece of pipe is carried down a hallway i.e 10 feet wide.  At the ending of the hallway the there is a right-angled turn & the hallway narrows down to 8 feet wide. What is the lo

Formular for x and y, I have a simple right angle triangle. All I am given...

I have a simple right angle triangle. All I am given is h (the hypotenuse) and that ratio of x:y is 2:3. What is the formula to find x and y in terms of h?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd