Scribd
Upload
34 views1 page

Game Theory

Game theory is a mathematical approach to determining optimal strategies for players in various competitive and cooperative situations. It analyzes interactions between decision-makers where one's choices impact others and vice versa. Game theory was pioneered by John von Neumann and has been applied to diverse domains from economics and politics to child-rearing. Unlike decisions made alone, game theory recognizes that players must consider how their actions will influence and be influenced by the choices of other intelligent participants with their own goals.

Uploaded by

Vijay Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
34 views1 page

Game Theory

Game theory is a mathematical approach to determining optimal strategies for players in various competitive and cooperative situations. It analyzes interactions between decision-makers where one's choices impact others and vice versa. Game theory was pioneered by John von Neumann and has been applied to diverse domains from economics and politics to child-rearing. Unlike decisions made alone, game theory recognizes that players must consider how their actions will influence and be influenced by the choices of other intelligent participants with their own goals.

Uploaded by

Vijay Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

G ame theory is the science of strategy.

It attempts to determine
mathematically and logically the actions that “players” should take to secure
the best outcomes for themselves in a wide array of “games.” The games it
studies range from chess to child rearing and from tennis to takeovers. But
the games all share the common feature of interdependence. That is, the
outcome for each participant depends on the choices (strategies) of all. In so-
called zero-sum games the interests of the players conflict totally, so that one
person’s gain always is another’s loss. More typical are games with the
potential for either mutual gain (positive sum) or mutual harm (negative
sum), as well as some conflict.

Game theory was pioneered by Princeton mathematician JOHN VON


NEUMANN. In the early years the emphasis was on games of pure conflict
(zero-sum games). Other games were considered in a cooperative form. That
is, the participants were supposed to choose and implement their actions
jointly. Recent research has focused on games that are neither zero sum nor
purely cooperative. In these games the players choose their actions
separately, but their links to others involve elements of
both COMPETITION and cooperation.

Games are fundamentally different from decisions made in a neutral


environment. To illustrate the point, think of the difference between the
decisions of a lumberjack and those of a general. When the lumberjack
decides how to chop wood, he does not expect the wood to fight back; his
environment is neutral. But when the general tries to cut down the enemy’s
army, he must anticipate and overcome resistance to his plans. Like the
general, a game player must recognize his interaction with other intelligent
and purposive people. His own choice must allow both for conflict and for
possibilities for cooperation.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy