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Game Theory, Cooperative games are those in which players decide on…
Game Theory
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Types of Game Theory
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Constant sum, zero-sum and non-zero-sum games
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Nash Equilibrium
An result known as Nash equilibrium is obtained when no player can unilaterally alter decisions to increase payoff. In the sense that the player will not regret their choice, even after taking its consequences into account, it can also be viewed as a "no regrets" conclusion.
The study of how and why players, individuals and entities make decisions about their circumstances is known as game theory. It serves as a theoretical foundation for creating social situations among competitive participants.
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Cooperative games are those in which players decide on strategy through discussion and compromise. In non-cooperative games, participants independently assess the advantages and disadvantages of several options before selecting a tactic that maximizes their gains.
While extensive-form games employ decision trees to depict sequential moves and outcomes in strategic scenarios, normal-form games use matrices to display players' strategies and payoffs for locating Nash equilibria.
Zero-sum games have no impact on resource allocation, but constant sum games maintain a constant total. Similar to cooperative games, non-zero-sum games feature outcomes that are never zero and involve players who either win or lose at each other's expense.
Games in which players make strategic choices simultaneously are referred to as simultaneous move games. This occurs when players are unaware of the tactics used by other players. Sequential move games, on the other hand, offer strategies in a more comprehensive format. Players base their decisions on the actions of other players and have little idea of each other's tactics.
In symmetric games, players utilize uniform strategies, which are effective in the short term because playing longer games increases the number of strategies available to players. In symmetric games, players make a fixed set of decisions, whereas in asymmetric games, players make different choices that impact the final result.
