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Game Theory (Applications (Biology, Computer science, Economics,…
Game Theory
Applications
Biology
Computer science
Economics
Mathematics
Political Science
Philosophy
Game Planning
Military Strategies
Logic
Examples
Red / Blue
Split or steal of Golden Balls
The prisonors dilemma
Serving or receiving in tennis
Rock,paper,Sissors
Speed Dating
Key Elements
payoffs : What are their incentives?
Information : What do they know?
Strategies : what are their options?
Rationality : How do they think?
Players : who is interaction?
Game Types
Zero sum or non - zero sum
Simultaneous and Sequential
Cooperative or non-Cooperative
Perfect information and imperfect information
Finite and infinite strategies
History
1944 : Theory of Games and Economics Behaviour by Morgenstern and Von Neumann
1950 : John Nash invents concept of Nash eqilibrium
1928 : Von Neumann wrote a key paper in the year of 1928
Nash Equlibrium
A game may have Multiple nash Equilibrium or non at all
Each players strategy is optimal when considering the decisions of other players.
named after its inventor, john nash, an american equlibrium
Strategy
Pure strategy
Mixed Strategy