Non zero sum games- game theory, Mathematics

Assignment Help:

Non Zero Sum Games

Recently there was no satisfactory theory either to describe how people should play non-zero games or to explain how they actually play that game

Nigel Howard (1966) developed a method which explains how most people play non-zero sum games concerning any number of persons

Illustration

Each individual farmer can maximize his own income by maximizing the amount of crops such he produces. While all farmers follow this policy the supply exceeds demand and the prices fall or decrease. On other hand they can agree to reduce the production and remain the prices high

  • It creates a dilemma to the farmer
  • It is an demonstration of a non zero sum game
  • Similarly marketing problems are non-zero sum games as elements of advertising come in. in that cases the market may be split in proportion to the money spent on advertising multiplied by an effectiveness factor

 


Related Discussions:- Non zero sum games- game theory

Sampling distribution p-hat, Caterer verifies that 87% of people who sample...

Caterer verifies that 87% of people who sampled the food thought it was delicious. A random sample of 144 out of population of 5000 taken. The 144 are asked to sample the food. If

Ratios, a muffin recipe calls for three forth of a cup of sugar and one eig...

a muffin recipe calls for three forth of a cup of sugar and one eight of a cup of butter. travis accidentally put in one whole cup of butter. how much sugar does travis need to put

Relations, Suppose A and B be two non-empty sets then every subset of A Χ B...

Suppose A and B be two non-empty sets then every subset of A Χ B describes a relation from A to B and each relation from A to B is subset of AΧB. Normal 0 fals

Differential equations and group methods, solve the differential equation ...

solve the differential equation dy/dx=f(y)x^n+g(y)x^m by finding a one-parameter group leaving it invariant

Decimals, how will the decimal point move when 245.398 is multiplied by 10

how will the decimal point move when 245.398 is multiplied by 10

Determine all possible solutions to ivp, Determine all possible solutions t...

Determine all possible solutions to the subsequent IVP. y' = y ? y(0) = 0 Solution : First, see that this differential equation does NOT satisfy the conditions of the th

Calculus, how to find relative extrema at the indicated interval of the fol...

how to find relative extrema at the indicated interval of the following functions and how to sketch it?

What did she pay per pound, Mona purchased one and a half pounds of turkey ...

Mona purchased one and a half pounds of turkey at the deli for $6.90. What did she pay per pound? Divide the cost of the turkey by the weight; $6.90 ÷ 1.5 = $4.60.

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