Game Theory
1. Reading newspapers: A survey on student behavior in some major Bschools in India asked a randomly selected group of 240 students on the number of hours a week he/she reads a newspaper. The sample mean was 4.1 and standard deviation 3. We can assume that the underlying distribution (of number of hrs reading newspaper) is approximately normal.
a) What will be a 99% confidence interval of the population mean (number of hours a Bschool student read newspapers/week)?
b) Suppose you perform a similar survey at IIMA with 24 randomly selected students; the sample mean and the sample standard deviation were 4.5 and 2.8 respectively. What will be a 99% confidence interval of the population mean …show more content…
(i) From the six televisions of brand A, draw a random sample of size two without replacement.
(ii) From the ten televisions of brand B, draw a random sample of size two without replacement.
(iii) Reject if and only if both the televisions in at least one of the two samples are defectives.
a) What is the probability of type I error for the above test procedure?
b) Find the probability of type II error for this procedure when M equals 3.
5. Anorexia in teenage girls: Anorexia is an eating disorder that can cause a person to be dangerously underweight. A recent study analysed the effect of cognitive behavioural therapy in aiding weight gain on 29 teenage girls affected with Anorexia. Each girl’s weight was measured before and after the therapy and the weight change (positive: weight gain; negative: weight loss) was noted. The weight changes for the 29 girls had a sample mean of = 3 kilos and a standard deviation of s = 7.32 kilos. Let µ be the population mean weight change. It can be assumed that weight change follow a normal distribution in the population.
a) What would be a reasonable set of hypotheses (null and alternative) for this problem?
b) How many standard errors separate the sample average weight change of the 29 girls and the null value

Game Theory, Deal or No Deal
929 Words  4 Pagesintroduction in December 2005, NBC has had tremendous success with the game show Deal or No Deal. The game show, which was created in the Netherlands, pits acontestant against the mysterious banker. The contestant is trying for the case with $1 million,while the banker 's stated goal is to get the contestant to go home with as little money as possible while also trying to keep the game going for as long as possible. Deal or No Deal is a unique game show in that it takes virtually no skill on the part of the…

Negotiation: Game Theory and Games
13514 Words  55 PagesNEGOTIATION Negotiation theory Last updated 9 months ago The foundations of negotiation theory are decision analysis, behavioral decision making, game theory, and negotiation analysis. Another classification of theories distinguishes between Structural Analysis, Strategic Analysis, Process Analysis, Integrative Analysis and behavioral analysis of negotiations. Individuals should make separate, interactive decisions; and negotiation analysis considers how groups of reasonably bright individuals…

Game Theory Essay
823 Words  4 PagesGame Theory was said to have been introduced by Emile Borel in 1921. Borel was a French mathematician who published papers on the theory of games. From this standpoint and according to the article “Game Theory”, Borel could have been named the “first mathematician to envision an organized system for playing games” however; evidence has shown that Borel did not develop his ideas any further. This is the reason why most historians have given credit to John Von Neumann. Von Neumann was born in 1903…

Games Theory in International Relations
2695 Words  11 PagesGAMES THEORY IN INTERNATIONAL RELATIONS 1.0 INTRODUCTION The field of game theory came into being with Émile Borel 's researches in his 1938 book ‘Applications aux Jeux des Hazard’, and was followed by the 1944 book ‘Theory of Games and Economic Behaviour’ by John von Neumann and Oskar Morgenstern. This theory was developed extensively in the 1950s by many scholars. Game theory was later explicitly applied to biology in the 1970s, although similar developments go back at least as far as the…

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1385 Words  6 PagesGame 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”…

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83847 Words  336 PagesGame Theory and Economic Analysis Game Theory and Economic Analysis presents the wide range of current contributions of game theory to economics. The chapters fall broadly into two categories. Some lay out in a jargonfree manner a particular branch of the theory, the evolution of one of its concepts, or a problem that runs through its development. Others are original pieces of work that are signiﬁcant to game theory as a whole. After taking the reader through a concise history of game…

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1519 Words  7 PagesIntroduction Game theory, in this essay, means the study of strategies adopted by rational decisionmakers of economic agents in specific situations, analyzing outcomes of mathematical models of conflict and cooperation (Myerson, 1991). Its basic elements include players, actions, information, strategies, payoffs, outcome and equilibrium, among which, players, strategies and payoffs are the most essential; actions and outcome are called as rules of the game (Rasmusen, 2000). The objective of the…

Game Theory Applications in Business
1501 Words  7 PagesGame Theory Orton K.C. Tsun April 1, 2012 Introduction As individuals, we make decisions throughout the day weighing the cause and effect, cost and benefit, risk and impact of our actions on ourselves and upon others. When taken to a larger scale, as the manager of a team, the CEO of a corporation, or the leader of a nation, the decisions exponentially increase in impact and importance. Game Theory, the analysis of the concepts used in social reasoning when dealing with situations of…

Defining Game Theory in Economics
545 Words  2 PagesA Theory of Games Main Arguments: The main purpose of the chapter entitled "A Theory of Games" is to explain what is known as game theory. Game theory is a mathematical approach to economics which uses a special language and notation. Specifically, the chapter explains that games theory studies the strategies that people use when they make decisions. There is strategy employed any time a person makes a decision, whether or not they themselves are aware that they are employing any type of strategy…

Game Theory Project
1506 Words  7 PagesGAME THEORY Project Phase I 1. Introduction Decision concerning electrical transmission network expansion has become harder in the last two decades. As a matter of fact, the power sector has been decentralized and the electricity market is now a competitive market. Thus a transmission expansion plan cannot follow the traditional planning criteria anymore. As a result, new techniques are developed in order to solve the transmission expansion problem TEP. Usually different optimization…
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