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Game Theory Game theory is the study of how people interact and make…
Game Theory
Game theory is the study of how people
interact and make decisions.
History
In 1994:von Neumann and morgenstern published "Theory of Games and Economic Behavior".
John Nash invented Nash equilibrium concept in 1950.
Von Neumann wrote a key paper in 1928
Key Elements
Information
A description of all players’
Set of all possible actions.
The players
Strategies
Methods
Algebric Method
Graphical Methods
Arithmetic Method
Matrix Method
Maxmin Principle
Minimax Principle
Applications
Computer scientists
Military strategists
Economists
Sports coaching staffs
Biologists
Examples
Penalty shoot-out in soccer
Closed bid auctions
The prisoner's Dilemma
Rock, paper, scissor game