Such a text would minimize notation, ruthlessly focus on essentials, and yet not sacrifice rigor. This Synthesis Lecture aims to fill this gap by providing a concise and accessible introduction to the field.

## Game Theory | Wiley Online Books

It covers the main classes of games, their representations, and the main concepts used to analyze them. Product Details Table of Contents. Show More.

Average Review. Write a Review. Here, we'll take an introductory look at game theory and the terms involved, and introduce you to a simple method of solving games, called backwards induction. Any time we have a situation with two or more players that involves known payouts or quantifiable consequences, we can use game theory to help determine the most likely outcomes.

As with any concept in economics, there is the assumption of rationality. There is also an assumption of maximization. It is assumed that players within the game are rational and will strive to maximize their payoffs in the game.

## Game Theory 12222 (February-March)

This will exclude any "what if" questions that may arise. The number of players in a game can theoretically be infinite, but most games will be put into the context of two players. One of the simplest games is a sequential game involving two players.

monitoring.devops.indosystem.com/fragile-earth-an-anthology-of-poems.php Below is a simple sequential game between two players. The numbers in the parentheses at the bottom of the tree are the payoffs at each respective point. The game is also sequential, so Player 1 makes the first decision left or right and Player 2 makes its decision after Player 1 up or down. Backwards induction, like all game theory, uses the assumptions of rationality and maximization, meaning that Player 2 will maximize his payoff in any given situation.

At either information set we have two choices, four in all.

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By eliminating the choices that Player 2 will not choose, we can narrow down our tree. In this way, we will bold the lines that maximize the player's payoff at the given information set. After this reduction, Player 1 can maximize its payoffs now that Player 2's choices are made known.

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The result is an equilibrium found by backwards induction of Player 1 choosing "right" and Player 2 choosing "up. For example, one could easily set up a game similar to the one above using companies as the players.

This game could include product release scenarios. If Company 1 wanted to release a product, what might Company 2 do in response? For the ambitious reader, the book often discusses current scientific research. In other words, it is a gentle introduction, covering the basics of game theory to the current state of the art, in easy-to-read and understandable language. Du kanske gillar.

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Spara som favorit. Skickas inom vardagar. Game theory is the mathematical study of interaction among independent, self-interested agents. The audience for game theory has grown dramatically in recent years, and now spans disciplines as diverse as political science, biology, psychology, economics, linguistics, sociology, and computer science, among others.