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GAME THEORY (Applications (Psychology, Economics, Biology, Military…
GAME THEORY
Applications
Psychology
Economics
Biology
Military Strategy
Logic
Philosophy
Mathematics
Key Element
Payoffs
Information
Strategies
Rationality
Player
Example
Penalty shoot-outs in football
Acutions
Prisoner's Dilemma
Game of rock paper scissor
Chess game
Game Type
Zero sum and non zero sum
Cooperative or non cooperative
Simultaneous and sequential
Finite and Infinite Strategies
History:
1944: Theory of game and economics behavior by von Neumaan and Morgenstern
1950: John Nash invented concept of Nash equilibirum