Games Theory Homework Help, Assignment Help, Online Tutor, Tutoring

Submit Assignment

* *

Payment Online Assignment Help

Business Economics Homework

Homework Help

sfsf

Games Theory

It is purely mathematical device, which has been developed to explain economic behavior of “plays” in a given market environment .The game theory can be treated as an optimization technique guiding decision –choice made by individuals in situation in which the consequences of such choices of other individuals. In other words, when there is inter-dependence in decision making, optimal decision may be arrived at though the use of game theory. For example, in a situation of duopoly (when there are two sellers) when two Sellers confront each other for a given market share, the game theoretic techniques may be used to locate a stable equilibrium situation.

There are various types of games – two People zero some, two person constant sum. There can also been-person game, applicable in oligopoly situation where there are 5 to 7 sellers. In all such games, the strategy and the tactic are defined. The strategy may be ‘minimax’ or ‘maximin’ type; based on this ‘pay –off matrix’ is stated. In this case, the inter-dependence in decision making is evaluated based on viable market information collected by the rational and intelligent plays (decision markers) in the game. The element of risk and uncertainty involved in design making can also be taken care of through the game theory approach. Such techniques are highly matrix algebra may be helpful in using such techniques. We will return to this game theory approach later first let us understand the field where the game is played. Field may be represented by models and cases.