Game Theory is an important economic concept that helps in situation analysis with the use of some tools. It explains how interdependent decisions are made by the involved players. Each player formulates his strategy after analyzing what decisions the other player can make due to the interdependence. The players make optimal decisions referred to as the solution of the game. Their interests could be either mixed or similar or opposing. The solution to the game also describes the outcomes being generated by the decisions made. The complications in understanding the theory make it difficult for students to do their Game Theory assignment with perfection. Our team of writers makes sure that the assignment not only fulfills the requirement but also ensures that the student develops a thorough understanding of the concept.
Game theory, also known as the science of strategy, makes use of logic and mathematics for determining what are the best decisions that the players should make. The theory is applicable to a broad range of games and states that the best outcome generating decisions should be taken. Due to interdependence, the strategies of all have a major role to play in determining the outcome for each player. Strategic interdependence can be either sequential or simultaneous. In the case of strategic interdependence, both the players draw inferences from the previous actions of each other and the actions they take follow a sequence. Contrary to strategic interdependence, in the case of sequential or simultaneous interdependence, both the players are unaware of the actions of the other player and hence act at the same time.
There are number of game theory assignment help requests that our economics writers receive that deal with the questions based on the outcomes of game theory. Let us see what they exactly are.
There are three possible outcomes of a game as per game theory.
Zero sum games: when the parties involved are in total conflict with each other, one party gains while the other loses. These are referred to as zero-sum games.
Positive sum games: when both the players tend to gain from an outcome mutually then those games are referred to as positive sum games.
Negative sum games: when both the players tend to lose from an outcome of a game then such games are referred to as negative sum games.
There are some games that have the potential to give rise to some conflict at times. John Von Neumann, a Princeton mathematician, developed the phenomenon of game theory. Zero sum games, or the pure conflict games, were given significant importance. It was believed that the other games required the players to choose actions that should be jointly implemented. However, the scenario has changed completely now. The games that get importance now are the ones that are both co-operative and competitive.
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