Economics Students Apprehensive About Mixed Strategy Nash Equilibrium Topics
These days, economics studies have evolved a lot. Economics is no longer a theoretical area. The application of games theory in economic field has led to this topic being a major area covered in university studies. No doubt, it is getting on nerves of students at times.
Understanding game theory
Before proceeding to explain mixed strategies, we need to understand games theory and its relevance in economics. Game theory is the study of strategic decision making by individuals. It shows the impacts of decisions taken by one on him as well as on others related to him. In economics, it is used to describe price and demand scenarios. For explaining the relation between demand and supply of goods, this theory is used. The basic step to getting mixed strategy Nash equilibrium homework help is to learn what they mean.
Mixed strategies in game theory
In a game theory, the integral fact is that every player has to select a course of action which will give him advantage over his rivals. In a market where there are two main sellers of a product, pricing strategy of one will affect the sales of the other. Strategy refers to the course of action taken by a player to maximise his payoffs. A mixed strategy is a combination of several strategies aimed at getting maximum benefits.
In any game, loss of one player will result in gain to other player. In an attempt to gain over competitors, if a firm decides to reduce prices, it will lead to reduced gains in long run. The best strategy is to collude with competitor and arrive at the best price where each can maximise his profits. Nash equilibrium is this point where payoffs or gains for both parties will be equitable. The aim of Nash equilibrium is to arrive at a fair division of payoffs. Students find these difficult to learn, so they resort to mixed strategy Nash equilibrium assignment help.
Ways to make study easier
With a systematic approach, studying gaming and related topics is not difficult.
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