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For most students, doing an assignment on Game Theory is a daunting experience. A game theory assignment requires a student to be proactive about reading, understanding, and researching the assignment topic and related materials.Moreover, the short deadline associated with assignments adds pressure and confusion to most students. These compounds make students fail to do good research on the assignment and thus fail to get better results from their professor.
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What Is Game Theory?
Game theory is a mathematical model or framework used to create social conditions among players who compete in a given setup. Game theory is considered a sign of a strategic system that facilitates the best decisions for competing actors and the underlying structure.
Game theory was invented by the famous mathematician John von Neumann and economist Oskar Morganstern in the 1940s and has been used by political and sociological thinkers in real-world situations and thus arriving at decisions not usually correct or most suitable.
The old game theory only boiled down to catering to ‘zero-sum games‘ where players could either gain or lose. However, the new version has expanded to become the primary logical decision-making model that involves humans, computers, and animals.
Basics of Game Theory
The main emphasis of game theory is the games that follow the theories, which serve as a model of interactions with the actors in a particular scenario. The rules are the same; therefore, being out of a participant only carries contingent strategies from another player.
The theory explicitly defines the players involved in any game, highlighting their identities, strategies, preferences, and how such strategies may influence the game’s outcomes. Besides, there are other necessary but different requirements of the game theory.
Moreover, the concept of game theory is involved in different applications such as politics, psychology, evolutionary biology, economics, and business. Regardless of the huge amount of detail and research on game theory, the field is still considered novel and developing.
Often, game theory is defined as a scenario involving two or more players involved in two quantifiable consequences and is periodically monitored for the outcomes of their participation in such a game. For a better understanding of game theory, specific terms are commonly used by researchers and scientists. Below are the basic terms used
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Basic Terms Used in Game Theory
Once you get a better grasp of these basic terms used in game theory, the study of game theory and subsequent writing of game theory assignments becomes much easier:
- Game: The word game is used in game theory to refer to a set of circumstances whose outcomes are dependent on the apps or actions committed by the players involved, that is, decision-makers.
- Players: The word player refers to the actors or human entity participating in the context of the game that is the primary decision-makers.
- Strategy: The word strategy refers to the complete action plan that players take under any situation that may arise as the game progresses.
- Payoff: The word payoff refers to a measurable form of the amount that players derive by attaining a particular outcome.
- Information set: This term refers to available information at a given point of time during the game. Often, it is used when the game has a sequential component.
- Equilibrium: This word denotes the specific point when the game and players involved have made decisions and created the outcome.
Nash Equilibrium
The Nash Equilibrium is based on the solution concept in which two or more players are involved. In this context, all the actors are considered to know the economic equilibrium strategies of the other actors, and therefore no actor draws benefits by changing their strategy separately. If an actor changes their strategy whereas the others maintain their strategy unchanged, then the existing set of strategy sets, as well as the matching payoffs, establishes Nash equilibrium.
The Nash problem is achieved over time, and however, when it is attained, the players try their best not to deviate from it. Now that you have learned the basic procedure of how Nash balance works take your time to observe how a single, unilateral move may affect the entire problem. Often described as “no regrets,” the Nash balance can have more than one equilibrium in a game.
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Types of Game Theory We Offer in Our Assignment Help
We offer several types of game theory in our online assignment and homework help services. The most common game theory assignment help we offer includes symmetric or asymmetric, sequential or simultaneous, cooperative, and non-cooperative.
- The cooperative game theory
The cooperative game theory consists of cooperative relationships and grouping. In this game theory, interaction is only a matter of knowing the return value. In cooperative game theory, pollution is usually between two or several known players raising questions as to the formation of a group in which the payoff is derived.
- Non-cooperative theory game,
Non-cooperative theory game, on the other hand, is an economic system of rationality and economic agents work together to attain a specific goal. Strategy games play a crucial role in game theory. If you want non-cooperative game theory assignment help, you can trust our competent game theory assignment writers. Below are some of the types of game theory we provide help in our game theory homework help services:
- The Prisoner’s Dilemma
The Prisoner’s Dilemma is one of the most commonly known available game theories. It involves a scenario of two individuals being held on felony charges; the whole prosecution has no proof against them. Therefore, to get their confessions, the law enforcement officers separate the prisoners from each other by secretly communicating and strategizing to receive their confessions by manipulating them into different rooms.
Impact of Game Theory
Undoubtedly, game theory brings a revolutionary change to economics and businesses in general. Besides, game theory is critical in addressing important economic and mathematical issues. Before the invention of game theory, economists faced problems in analyzing entrepreneurial anticipations, hence failing to tackle competition incompletely. Regardless, the idea that stability in equilibrium has been adopted to more definite market processes with the help of game theory.
In business, game theory has helped shape models for competitive behavior among actors who are commonly referred to as economic agents. Business operations usually entail strategic actions, which are more likely to impact economic gains. Regardless, with game theories, the players can play or exchange between themselves to attain a more rational outcome than before.
Game Theory Assignment Topics We Offer
Below are popular topics that different students come to use for game theory assignment help:
- Asymmetric Information
- Bayesian Games
- Behavior Strategies
- Coalitional Games
- Extensive-Form Games
- Decisions, Games, And Rational Choice
- Hedonics
- Cooperative Games
- Global Games
- Infinitely Long Games
- Non-Zero Sum Games
- Max-Min Strategies
- Mixed-Strategy Nash Equilibrium
- Repeated Games
- Prisoner’s Dilemma
- Payoff-relevant Strategies and Markov Equilibrium
- Pooling Games
- Paradox and Infinity
- Reputation Effects
- Mean Field Game Theory
- Strict Dominance, Rationalizability, and Correlated Equilibrium
- Static Games
- Super-Modular Games
- Signaling and Forward Induction
- Videogame Theory and Analysis
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Essential Tips for Solving Game Theory Problems
The game theory was founded to help solve economic problems, and however, it is used for military, company marketing, and finance problems. The secrete to solving game theory problems is the use of pure and mixed strategies. For instance, you can use a mixed solution when you have no simple strategy.
The pay-off matrix denotes the set of decisions, and it is considered another principle in solving game theory problems. However, a student must learn how to structure a pay-off matrix and assign the value to each resolution to solve the game theory issue. If a student manages to create a pay-off strategy correctly, he/she will find the Nash balance in the pay-off table since the Nash balance states that there is at least one Nash equilibrium with a fixed number of players.
As such, the Nash equilibrium offers the best optimal solution to game theory. Therefore, it is important to understand the Nash equilibrium concept in solving the game theory problems. You benefit from a better explanation from our expert game theory homework writers.
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