Game Theory Assignment Help, Game Theory Homework Help

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What is Game Theory?

Game theory is originally from Mathematics and has many applications in different fields like Economics, Sociology and Psychology. Antoine Cournot in 1838 was the first one to make formal game theoretic analysis. The formal theory of games was developed by Emile Borel in 1921. The focus of game theory is decision making under various situations of competition and conflict and cooperation and independence. There will be specific rules for this decision-making under various situations here.

The equilibrium point for finite games was demonstrated by John Nash in 1950.This is the point where all the players of the game choose their best possible actions given the opponents' choices. Nash, John Harsanyi and Reinhard Selten were awarded Nobel Prize in Economics in 1994 for the studies in game theory. This increased the popularity of the subject. Game theory has strong internal consistency and mathematical foundations. Hence, it has become a primary tool for modelling and for designing automated decision-making processes.


In game theory, the study object is game which models a situation that is interactive. If a game has only a single player, then it is called decision problem. Different levels of games are discussed in the game theory. Rationality of players is one main assumption of various branches of game theory. In a coalitional or co-operative game, the payoffs obtained by each coalition by cooperating with the members are discussed. However, the coalition process is not discussed here in detail. These coalition or cooperative games are discussed in the cooperative game theory. The analysis is done based on the relative powers of different players involved in the game. In non-cooperative game theory, strategic choices are analyzed. Here the primary determinants of the game outcome are ordering details and players' timing. The choices made by players are out of self-interest. If the self-interest of the players is for cooperation, then cooperation also occurs sometimes in non-cooperative game theory. Here, the different strategies of players and the outcomes resulting from all possible choice combinations are analyzed. There is another detailed version of the strategic form namely extensive form or game theory. In this form, the details like the order of players' actions, the information available with players at the times of actions and the uncertainty resolution times are discussed.  Due to the rationality of all players, the choices they take will result in the most preferable outcomes, given those by the opponents.


TAGS: -game theory, theoretic analysis, equilibrium point, finite games, decision-making, economics, decision problem, non-cooperative game theory, cooperative game theory|

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