Frequently Asked Questions

  • What do I require to study for my game theory paper?

    To score well in your game theory paper, study the essential principles behind the theory. Besides that, you must learn about behavioral economics. It is best to brush up and strengthen your understanding of mathematical models, competitive strategy, and economic theory to get a high score.

  • Is game theory applicable in real life?

    Game theory has real-world applications. It is applied in various subjects, such as international relations, economics, psychology, and politics. Game theory uses to study and predicts the decisions and behaviors of the players.

  • Why should I trust you with my game theory assignment?

    Doassignmenthelp is an entirely genuine service for getting game theory homework help. We have experts who do in-depth research to help students create unique and high-quality solutions. You can also review our samples free of cost and read our reviews to feel convinced about our quality academic help services.

  • Can you tell me the most famous game theory example?

    The most famous example is The Prisoner’s Dilemma. The dilemma in it is that every prisoner’s payoff relies on the behavior of the other prisoner. If they can confer, they may disagree to get shorter jail sentences.

  • How difficult is game theory to understand?

    Game theory involves strategic decision-making. It is an applied mathematics branch that offers tools for assessing situations in which players decide. Their decisions are interdependent. It is easy to apply to two persons or organization games. But you need specific skills if the application demands more. Seek help with game theory assignment to learn more about this branch of study.

The Types of Game Theories

There are four different types of game theories. The first is cooperative vs. non-cooperative games. Cooperative game theory involves how coalitions engage in the presence of only payoffs. It strives to seek the answer to the way groups are formed and how they distribute the payoffs among participants. Non-cooperative game theory involves how logical economic agents interact with one another to accomplish their goals.

Another type is zero-sum vs. non-zero-sum games. Here, there’s a clash between parties wanting the same result, which is called a zero-sum game. In a non-zero-sum game, all players can lose or win in a single tie. A third type of game theory is simultaneous move vs. sequential move games. In it, every player should make continual decisions at the time when their opponent is doing the same.

Finally, in one-shot vs. repeated games, game theory can start and finish in one instance. Contrarily, some games can continue and never end.

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  • Highly knowledgeable subject matter specialists– We have teams of experienced subject specialists. All of them possess a rich knowledge of this discipline and have been assisting students in solving complex problems for many years. From solving questions to citing and referencing, they will help you with all.

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Game Theory Topics That We Cover

We will help you comprehend all the key elements of the game theory course. These include ideas like evolutionary stability, dominance, backward induction, commitment credibility, and the like.

You can find assistance with all the major topics as follows:

  • Usage of algorithmic game theory.

  • Cohort Shapley value for justness in an algorithm.

  • Eliciting fairness via algorithm.

  • Strategic management of resources in video games.

  • Altruism in game theory.

  • Network modeling for supply chain game theory.

  • Managerial economics, macroeconomics, and microeconomics.

  • Nash equilibrium.

How Game Theory Facilitates Optimal Decision-Making?

Studying game theory makes you a better decision-maker in different situations. This branch evolves around understanding the behavior of people in strategic interactions. In these interactions, the result of your decision relies not only on your but also on the actions others are taking.

Game theory enables us to anticipate how others may respond to our actions. You examine different outcomes and situations to make better decisions and pick a suitable course of action. Here’s an example to understand this.

Let’s suppose you are negotiating a salary with your prospective employer. According to game theory, you should factor in the possible responses of the employer to your demands. So, you will consider responses like them trying to negotiate a lower salary or rejecting your negotiation. By anticipating these responses, you can make a better case for the salary you want. The game theory goes beyond how others may respond to your actions. It also helps you think about cooperating with others in events where you have similar goals. When you understand the incentives of others, you determine how to work in harmony and accomplish mutual objectives.

Some Useful Terms in Game Theory

Game theory helps you find out highly probable outcomes whenever there’s a situation with more than two players with known payouts. It has some terms that every student studying it should be aware of.

  • Game: It means circumstances whose results are dependent on the deeds of decision-makers.

  • Players: Every player is a strategic decision-maker in the game.

  • Strategy: A plan of action taken by a player according to the game’s circumstances.

  • Payoff matrix: A matrix in which the elements depict what a row player wins or loses.

  • Payoff: An amount that is a part of the payoff matrix and shows what a row player has gained or lost.

  • Saddle point: This element in the matrix is the smallest in a specific row. Simultaneously, it is the largest one in its column.

  • Strictly determined game: It is a game with a saddle point.

  • Zero-sum game: In this game, one player wins while the other loses it. There’s no money coming from any external sources.

  • The information set: It is the information that players can see at a specific point. This term is commonly applied in the case of a sequential element in the game.

  • Equilibrium: The point where players have decided on something and reached an outcome.

  • Pure strategy: A player opts for the same column or row.

  • Mixed strategy: A player modifies his row choice or column with various turns.

  • Dominated strategy: This strategy is never taken because another play is better than it. For a row player, a row has been dominated by another one if the aligning elements are larger. For a column player, a column will dominate by another one if the matching elements are smaller.

‘’I use game theory to help myself understand conflict situations and opportunities.’’ - Thomas Schelling
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