Game Theory Essay

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Game Theory Picture if you will a group of people making decisions. The decisions that are made do not have to be significant at all. They have to be just significant to the situation at hand. This concept is considered to mathematicians as Game Theory. Game Theory is broken down into tree different types of games. As stated by Thomas S. Ferguson of UCLA “There are three main mathematical models or forms used in the study of games, the extensive form, the strategic form and the coalitional form”. Some games that are the most popular to being discussed in Game Theory are chess, checkers, and tic-tac-toe (Ferguson). There are also different terms that are used in this theory as well. Some of the major terms are The Nash Equilibrium,…show more content…
It gave poof that his minimax system worked. He ended up writing a book in 1944 about the subject as well. He manly took what Waldegrave did and made it easier for people to understand. Game Theory went to the masses in 1950 when a man by the name of John McDonald. He published game theory in a way that brought it to the masses. It was revolutionary he was describing that game theory could be applied to many different games of the time. The game theory he was publishing was not accurate to what the pervious mathematicians where putting out. He was saying game theory is a system of how to win any complicated game. Although, what he was doing is showing what potential game theory was having on the mass public (Belletto, 2009). Also in 1950 Albert W. Tucker while trying to describe game theory to psychology majors at Stanford. He came up with what will be now known as the Prisoners' Dilemma (NASAR, 1995). He came up with this while working on various other mathematical problems of that time. Some of the other problems where Linear Programming, encouraged John Nash to go with his ideas. In 1951 John Nash came up with a significant piece of game theory that has been named in his honor. It is dubbed as the Nash Equilibrium. It manly states that if both players could see each others moves in the game they would still go with the plan they

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