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There are three players a, b, c and there is a game in which the winner is decided by some players raising hands for a player if it is odd a wins if it is even b wins and no one raises hand c wins. These strategies would be shown in Nash equilibrium.
There would be a belief in A that A and B would raise hands and C would join them making it odd and helping A to win. There would be a strategy that would ensure a would win and the strategy can backfire only if b or c do not lift their hands. On that thing, one sure loss would happen. The Maximin strategy along with the mediation strategy would be done to ensure that a clear tactic comes out.
Strictly competitive games
The aim of this game is to ensure that there would be an option choosing that would minimize the chance of losing. Games can be considered as finite games and non-finite games along multi player to two player games
In economics when two players are in a market dominating the main tactic will be to ensure that no third party comes into play. There will be secret understanding that would help fix a price and would help determine the market. This would ensure that for the third party to succeed they will have to come out with a strategy that breaks the unity of the two competitors. These would be covered in detail in strictly competitive games testing the theory of Nash equilibrium in strictly competitive homework help.
The tactic that two players would use in a market that has many competitors will be different. There will be a waiting game in which one player will wait to know how the others react to the situation. There will be a plan that one player will think how other will react. This plan will be taking into consideration the matrix that involves reward and will look into payoffs. There can be a maximum payoff that will benefit a company.
The Maximin strategy will also take into consideration the Nash equilibrium that will happen when an economic crisis like war, flood, and famine takes place. These are normally unforeseen contingencies that will damage economic prospect and will take company strategy into consideration. An aim of every company during those times will be to survive, and they will make sure that their strategy meets Nash equilibrium. This point will be covered in detail in strictly competitive games testing the theory of Nash equilibrium in strictly competitive homework help.
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