The main goal of your game theory assignment is to simplify complicated situations. Once the patterns are sourced out, it predicts goals and establishes priorities aligned with the norms of the game. The game theory remains an active research field in applied sciences. Now, let’s look at the nature and use of game theory.
Defining the game settings
Application of the game theory involves defining some preset game settings –
- The total number of players participating in the game carries 2 tactics at minimum.
- The tactics every player can take in every step of that game.
- Following this, the player adapts to every move in the game.
- Gathering information on the opponent player’s moves and understanding individual preferences in that game.
- The final results of the game.
Practical use of game theory
- Understand the reactions and the decisions of the investors in the stock market.
- Learn the decisions of the OPEC member nations on the extraction and sale of oil with the agreement or disagreement on quota arrangements.
- Realizing how corporate behavior affects product price rates across monopoly and competitive markets.
- Social interaction of animals in real life.
Game theory is used in analyzing and developing social networks for more practical applications. The theory is also helpful in different sciences.
Conclusion
You can get a clearer understanding of game theory from the online writing articles on Microsoft case studies. Surf the web to gather more informative details regarding the nature and applications of game theory.
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