Taking a Look at Game Theory

1231 Words5 Pages
GAME THEORY

Introduction:
Game theory is the study of strategic decision making, cooperation and conflicts. The concepts appear when the actions of several agents are independent. The agents are like groups, individuals, firms or any combination of these. These ideology of provides a language to formulate, structure, analyze, and strategic scenarios. Specifically, it is the study of mathematical models of conflict and cooperation between intelligent rational decision makers. This is mainly used in economics, psychology, logic and biology.
Definitions of games:
The main object in the game theory is the game. It needs a player to play this games. The regular type of games are decision problem or normal form which are to be played by the single player.
Games can be described formally by various levels of the details. Coalitional game or cooperative game is high- level, specifying what numbers is given by each potential group or also it can be obtained by the cooperation of its members. Let us take an example of parliament where many political parties will be there. But the party which has the majority of seats in the parliament rules the nation. This type of games deals with the relative amount of power having with the individual players or on the division of successful coalitions.
In contrast, Non cooperative game theory is concerned with the analysis of strategic choices. In this the timing and order play crucial role and are taken into consideration. For example if a
Get Access