The study of the mathematical model can be applied in real-life problems related to strategic decision-making called game theory. The students from different fields like- economics, political science, computer science, engineering, etc. Are asked for game theory assignment help online for their assignments and projects.
Many students are finding it challenging to work with game theory and if you are stuck with the question that how to do your game theory assignment then one can search for game theory homework help online. It is very important to get proper guidance, knowledge, and ideas while you are working on your game theory projects.
In the present world, game theory is used as the theoretical framework that is used to make optimal decisions for actors by the strategies. The players are important in the game theory who are competing with each other to consider social circumstances. To use game theory in real life one needs to understand the concepts and how does the theory works.
What is game theory?
The study of the mathematical model can be applied in real-life problems related to strategic decision-making called game theory. Game theory is used as the theoretical framework that is used to make optimal decisions for actors by the strategies of the players.
Concept of game theory
John von Neumann propounded the mathematical model which can be called the game theory. Game theory can also apply to economics after the evolution of the theory “theory of games and economic behavior” by Oskar Morgenstern and John von Neumann. They have described that any economic condition can be described by the game theory which is the outcome of a game played between two players.
In-game theory the game is consists of players that are the group of decision-makers. The information describes the decision of each player at the time of decision making. There are also some moves have involved in the game, like- decisions, moves, etc. The moves can be chosen by the players accordingly to get the possible outcomes of the game. In the game theory, it is one of the assumptions that the player knows pay-offs whether it is own or other players.
The payoff function has described the preferences of the players individually. There are two kinds of strategy involved in the game theory which can be acquired by the players. The strategies are – pure strategy and mixed strategy.
Pure strategy: the pure strategy is the strategy that describes the moves taken by a player in each of his possible states.
Mixed strategy: the mixed strategy is the probability distribution function which is based on the feasible pure strategy choices.
Nash equilibrium: it is the combination of choices of feasible strategies. “if there is a game of n number of players and they have individual choices of strategies which are pure strategy and if there is no feasible solution where they can get higher payoffs by changing their strategy unilaterally.”
Dominant strategy:
It is the combination of choices of feasible strategies. “if there is a game of n number of players and they have individual choices of strategies and if the best response to any feasible strategies for the other players can be called as the dominant strategy.
The game theory operates behind some assumptions. One of the main assumptions is that the players are rational which implies that the payoffs are smaller rather than larger payoffs which is the preferable outcome of a game.
Different types of games in game theory
There are different kinds of games. Those are-
- Symmetric games
- Non-symmetric games
- Cooperative games
- Non-cooperative games
- Zero-sum game
- Non-zero-sum game
- Simultaneous games
- Sequential games
- Extensive form games
- Normal form games
Topics of game theory
There are so many topics that can be used by the students for their projects and assignments. Students can use these topics for their projects such as –
- Bayesian games
- Prisoner’s dilemma
- Concept of bargaining
- Concept of auctions
- Nash equilibrium
- Strategies of game theory
Why are people using game theory?
There are lots of subjects that are using game theory and its concepts. In economics game theory is used to understand the competition, bargaining, and coalition formation problems. Computer science students can use it for their coding purposes where the game theory concepts are important to take decisions. Mainly the theory is applied in the interdependence situation of decision making, especially between firms.
Game theory sometimes seems difficult to the users especially students who are using game theory in their projects and assignments. Sometimes they asked for game theory assignment help online to solve their tricky game theory problems. There are lots of game theory experts available online who are providing help to game theory problems and solutions.
If you are making an assignment or project on game theory or having any problem while working with the game theory you can ask for game theory homework help. There are lots of websites also available that provide game theory homework solutions to the students. UR assignments are also providing services to help the students to complete their projects and assignments on other topics like ANOVA Assignment Help and Statistics Assignment Help Online. Not only students have experienced game theory tutors who can help to understand the concept of game theory and its uses in real-life problems.
FAQs:
What are the applications of game theory?
There are lots of subjects that are using game theory and its concepts. In economics game theory is used to understand the competition, bargaining, and coalition formation problems. Computer science students can use it for their coding purposes where the game theory concepts are important to take decisions. Mainly the theory is applied in the interdependence situation of decision making, especially between firms.
How is a game theory used in real life?
Competitive situations can be analyzed by game theory. The theory can help to make rational decisions and also the theory provides the process of decision making. The use of game theory can be seen in business and military operations. The conflicting situation can be described through game theory in operations research which can provide a strategy to gain maximum profit or minimum loss from the operations. But if we look at the real-life examples then we can say that is limited because game theory operates behind some assumptions.
Who is known as the father of game theory?
John von Neumann is known as the father of game theory. Game theory can also apply to economics after the evolution of the theory “theory of games and economic behavior” by Oskar Morgenstern and John von Neumann. They have described that any economic condition can be described by the game theory which is the outcome of a game played between two players.
What are the limitations of game theory?
every theory has its limitations so as for the game theory also. In the game theory, it is one of the assumptions that the player knows pay-offs whether it is own or other players. But in the real world, it is not always possible. The mixed strategy is one of the processes of solving a game. For a large number of players and a larger payoff matrix, it becomes difficult to calculate. Competitive situations can be analyzed by game theory but not all the problems.
What are the applications of game theory in management decision-making?
Game theory is applied in most fields. It helps to formulate an alternative strategy that can help to compete with others. Game theory also helps to make decisions based on the fluctuations of any circumstances. So to develop an appropriate strategy in a competitive market the theory is used by the managers. This theory can help to analyze the competitive situations and strategies on how to respond to those situations by developing strategies.
