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game theory (history (1913 (Ernst Zermelo published (On an Application of…
game theory
history
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1938
Frederik Zeuthen proved that the mathematical model had a winning strategy by using Brouwer's fixed point theorem
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2005
Thomas Schelling and Robert Aumann followed Nash, Selten and Harsanyi as Nobel Laureates
2007
Leonid Hurwicz, Eric Maskin and Roger Myerson were awarded the Nobel Prize in Economics
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game types
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Constant Sum, Zero Sum, and Non-Zero Sum Games
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introduction
find the optimal outcome from a set of choices by analyzing the costs and benefits to each independent party as they compete with each other
process of modeling the strategic interaction between two or more players in a situation containing set rules and outcomes
functions
explores the possible outcomes of a situation in which two or more competing parties look for the course of action that best benefits them
No variables are left to chance, so each possible outcome is derived from the combinations of simultaneous actions by each party