2218 WordsNov 16, 20149 Pages

Haejung Yoon
Mr. Cetron pd.8
Game Theory
Game theory states that the actions of one participant depend critically on the actions of other participants. Game theory includes different types of games, such as, cooperative/non-cooperative, symmetric/asymmetric, zero-sum/ non-zero-sum, simultaneous/ sequential, and more. However, this paper will focus mainly on non-cooperative games, zero-sum games, puzzles, and paradoxes. In zero-sum games, a player will only benefit at the equal expense of others. Non-cooperative games are games in which players make decisions independently; they make decisions without any discussions with other players. These ideas are seen in the Nash equilibrium the Prisoner’s dilemma, games and puzzles (tic-tac-toes, the blue-eyed suicides), and paradoxes (Parrondo’s Paradox, Unexpected Hanging Paradox). John Nash’s works in game theory have provided a greater understanding to the factors that control chance in daily life. He considered non-cooperative games in his doctoral thesis, and in 1950 proved his acclaimed theorem that equilibria always exists in any such game (p.396, Elwes). This is known as the Nash equilibrium. The Nash Equilibrium is the solution concept of non-cooperative games, where each player knows the equilibrium strategies of the other players, and players have nothing to gain by changing only their own strategy. This helps to formally predict how a game will be played. For example, consider the Prisoner’s Dilemma. There are two

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