Modeling competitive situations Assignment Help

Assignment Help: >> Game theory - Modeling competitive situations

Modeling competitive situations:

The  first  substantial text  on Game theory, "Theory  of Games and  Economic Behaviour" John Von Neumann and Oscar Morgenstern (Princeton University Press:  1943),  was  published  more than  60  years ago. Its  basic theory developed through  the 1950s and  1960s. The  important  contributors to the development of Game theory were John Nash, Thomas Schelling, and others. Then the pace accelerated as the theory began to find applications to issues in such  diverse fields  as  international relations, economics,  business,  and evolutionary Biology. We  begin with some such examples, which will  help you to understand the pulse of  the subject.

Strategic games are distinguished from individual decision-making situations by  the presence of  significant interaction among the players. Games can  be classified according to a variety of categories including the timing of play, the common  and  conflicting interests of the players, the number  time  an interaction occurs, the amount of information available to the players, the type of rules and the feasibility of coordinated action.

Learning the terminology  is crucial for analyses. Players have strategies that lead  to  different outcomes  with  different associated payoffs. Rationality or consistent behaviour is assumed of all players.who must be aware of all of the relevant rules of conduct. In  this  unit, we  have been  introduced to  simultaneous and  sequential moves where a payer  is unaware and  in  know of the rival's strategies. Also we have, learnt on  the payoffs. The zero-sum game  is  framed such  that it  has  gains equal losses. (zero payoff) whereas  payoff remain  constant  in  the  constant sum case. Games played once or repeated envisaged different strategies. One- shot game  calls  for  more  harsh action against the rival. Players control information while dealing with opponents and more  informed ones often send signals. When players agree on joint-action, a cooperative game results, otherwise, games become non-cooperative where  such  agreements are  not enforceable.

Classifying games Dynamics and Evolutionary Games
Representation of a game Stories of strategic games
Strategies
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