The Game Theory

Topics: Game theory, Economics, Decision theory Pages: 3 (795 words) Published: April 29, 2013
“There are many types of games, board games, card games, video games, field games (football and so on), etc. We focus on games where There are two or more players, where some sort of strategy matters, the game has one or more outcomes (someone wins, someone loses), and where strategic interaction applies in the outcome of winning. This leaves out games of pure chance (lotteries, slot machines), in which strategy doesn’t apply. This also leaves out games without strategic interaction, like solitaire.” “The Game Theory is a branch of applied mathematics that is for analyzing situations were people, or players, make interdependent decisions. The fact that everyone’s decision depends on the other players, means that each player has to consider the other player’s possible decisions or strategies when thinking of his own. The solution to a game describes the many decision of the players who can have similar, opposed, or opposite interests, and the outcomes that might result from the decisions the players have made.” “The Game Theory was referred to as "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." The game Theory is used in many fields besides mathematics. It is also used in economics, political science, psychology, logic, and biology. For example, the Game Theory was used understand a large collection of economic behaviors, including behaviors of firms, markets, and consumers. Since those studies, the Game Theory has expanded in the social studies field. It’s been applied to political, sociological, and psychological behaviors as well. “ I’ve come to find, that the game theory is much bigger then applied mathematics. Above, in the quoted paragraphs, are basic and mathematical concepts of the game theory. The game theory I chose to concentrate on is more on the social studies field. Saying that, upon my research I found that economists call it game theory; psychologists call it the theory of social...
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