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Game Theory (Applications (evolutionary biology, War, Psychology, Politics…
Game Theory
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History
Nash equlibrium
In 1950, John Nash demonstrated that finite games have always have an equilibrium point at which all players choose actions which are best for them.
In the 1950s and 1960s, game theory was broadened theoretically and applied to problems of war and politics
The mathematician Emile Borel in 1921 suggested a formal theory of games which was furthered by the mathematician Jhon Von Neumann in 1928 in the theory of parlor games.
The earliest example of a formal game theoretic analysis is the study of duopoly by antoine cournot in 1838.
Cooperative
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Shapley value : The method of dividing the gains or the cost that is given to the players according to their contribution.
Definition
Game Theory is the study of human conflict and cooperation within a competitive situation.It is a science of strategy or at least optimal decision making of independent and competitive actors in a strategic setting.
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