MelissaA
Brenton
Shilpa Karhik
What is Game Theory?
June 26th 2006 06:33
Todays post is just going to be a brief introduction to game theory.
What is game theory?
Game theory is a branch of mathematics which deals with decisions made when a number of agents interact. It has been extremely important in a number of the sciences as well as in economics.
It represents the payoff that a player can gain from various decisions, for example:
Player 2 Player 2
walks left walks right
Player 1
walks left 0,0 1,1
Player 1
walks right 1,1 0,0
This box represents a game where two people are walking towards each other and have to choose how to go around one another. If they both choose the same direction, they will collide and so neither gets any point. If they choose different directions they both get 1 point each (note. left refers to an objective left - ie. a 3rd observer is watching the two people).
There are many types of games in game theory and I will explore those in a post next week.
Adam
What is game theory?
Game theory is a branch of mathematics which deals with decisions made when a number of agents interact. It has been extremely important in a number of the sciences as well as in economics.
It represents the payoff that a player can gain from various decisions, for example:
Player 2 Player 2
walks left walks right
Player 1
walks left 0,0 1,1
Player 1
walks right 1,1 0,0
This box represents a game where two people are walking towards each other and have to choose how to go around one another. If they both choose the same direction, they will collide and so neither gets any point. If they choose different directions they both get 1 point each (note. left refers to an objective left - ie. a 3rd observer is watching the two people).
There are many types of games in game theory and I will explore those in a post next week.
Adam
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