Understanding Game Theory Better with Professional Online Help
If you are struggling with homework on game theory, you can definitely use game theory homework solutions from myhomeworkhelp.com. We have experts on the subject who can definitely assist you with your homework. In game theory, strategic situations, called games, are modelled. In these situations, the success of an individual making choice depends on the choice that other individuals make.
Game theory has its use in various disciplines, including social sciences such as management, economics, social psychology and Political science. It is also used in formal sciences like statistics, computer science and logic. Students of any of these disciplines might have to deal with the topic as a part of their academics. If you need to understand game theory better, you can ways avail our online help.
What is game theory?
Game theory is basically a branch of applied mathematics. It offers tools for analysis of situations involving players, or participating parties, that make interdependent decision. The interdependence plays a huge role in game theory homework solutions. This is because it forces each individual to consider the probably strategies and decision for formulation of individual strategy.
The participating players may have opposed, similar or even mixed interests. The decisions made by these players may have a result in the outcome. The players’ optimal decisions are described in the solution to the game.
Branches of game theory
Game theory has mainly two branches: non-cooperative and cooperative game theory. We cover both in our game theory assignment solutions. The non-cooperative game theory primarily deals with interaction between intelligent individuals, who wish to achieve their individual goals. Most courses on non-cooperative game theory include:
- Nash equilibrium and games in strategic form
- Correlated equilibrium, rationalizability and iterated strict dominance
- Common knowledge and games
- Repeated games
- Games with multiple stages, with actions being observed
- Bayesian equilibrium and Bayesian games
- Equilibrium refinements
- Sequential bargaining, involving the information being incomplete
- Reputation effects
- Markov equilibrium and strategies in relevance to payoff
Applications of game theory
You might wonder where your game theory assignment solutions are actually applicable. It actually has quite a wide range of applications, which even involves chess, tennis, parlour games, etc. As a matter of fact, the original developers of game theory, John von Neumann and Oskar Morgenstern, intended it for solving economics problems.
The mathematics for physical sciences was not the right model for the subject of economics. This is because it described working of disinterested natures. Economics is much like any game, with each player anticipating the moves of others. This called for a new mathematics, known as game theory. In our game theory homework solutions, we explain everything in details. This allows you to develop a better understanding of the topic.
Application of game theory is relevant in any situation where the interaction between players’ choices has an effect on the outcome. Game theory stresses on strategic aspects of making decisions. These are aspects that are not completely controlled by chance. Instead, they are controlled by the players. As such, game theory goes way beyond classical theory of probability.
For example, game theory can be used for determining what business conglomerates or political coalitions have more chances of forming. It has also been used for finding the optimal selling price of a service or production, keeping the competition in mind. Other uses include selection of jury, power of voters, choosing site for manufacturing plants and even behaviour of plants and animals for surviving.
Given the range of its applications, it can be a bit overwhelming to find game theory assignment solutions. In fact, there is hardly any other theory capable of addressing such a broad spectrum of situations. Nevertheless, you can always avail our online homework help service to get professional assistance on the topic.
Strategies involving game theory
Some strategic interactions that clearly illustrate the game theory fundamentals include:
- Prisoners’ dilemma:
It is one of the most classic examples of game theory. A lot of students are asked to find game theory homework solutions on prisoners’ dilemma. In involves a situation where two suspects are separately question, each having the option to stay silent or confess. Either prisoner’s decision is dependent on what the other prisoner decides.
- Strategic moves:
Players can even try to change the expectation of future actions of other players. They can use promises or threats for forcing the other player to take an action which is favourable to them.
- Mixing moves:
Systematic actions can be discovered by the opposing players in situations of conflict, resulting in exploitation. Therefore, the players have to mix their moves for keeping their opponent guessing. This is particularly relevant in sports, where the players try to outdo the others.
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