Importance of Game theory
Game theory is introduced to the students while studying microeconomics, it's a one of the topic taught in introductory microeconomics but game theory is not just a topic it's a subject in its own. Game theory importance can be seen in the economics as it is the subject about strategies, and give an insight to how strategies are formed. An extensive form of game theory is about number of players, a game tree and payoffs. There are two set of strategies in game theory-
- Single agent decision theory which maximizes the agent expected pay off in an environment and try to find an optimal strategy.
- Multiple agent decision theory, where the decision of one agent depends upon the decision of the other agent
The solution concept used to find the optimal strategy in game theories are-
- Dominant strategy equilibrium- in the dominant strategy the agent takes a dominant position regardless of what is the decision of other agent.
- Pareto optimality- in a Pareto optimality a Strategy S Pareto dominates the another strategy S' and there is no agent gets a worse off payoff with S than with S'
- Nash equilibrium- Nash theory states that every game with finite number of agents and a payoff table has at least a single Nash equilibrium.
Game theory is one of the most common theory studies by different companies in a competitive market; it gives them different payoffs with different decisions which help them to find the right decision.
Why game theory assignments or problems are difficult?
Game theory is a very important subject for the students who wants to work for the big multi-national companies and took part in their decision makings because most of the decision makings are done through game theory. One of the most common problems faced by the students while studying game theory is the problem of prisoner's dilemma- in the scenario two criminals get caught by the police in taken for interrogation now each prisoner/agent has two decision to make either confess of the crime or not the payoff is the number of years in prison. There are basically four payoffs-
- If they both does not confess they got in jail for a short term,
- If the first prisoner confesses and the other does not then the first prisoner will be jailed and other will be set free, vice versa.
- If they both confess then they both will be jailed for a long term.
The problem in this case is the problem of asymmetric information where both prisoners does not know what the other is going to do, in that scenario both prisoners will confess and will be jailed for a long term.
Few important tips to solve problems under game theory-
The game theory was formed to solve the economic problems, it is used for military, business marketing and finance related problems. The key to solve the game theory problem is the pure and mixed strategies; a mixed strategy is used when there is no pure strategy to take. Another concept in tackling game theory problems is the pay off matrix which represent the set of decision and their pay offs, to solve the game theory problem a student must know how to form an payoff matrix and the value to be assigned to each decision. If a student correctly forms a pay off matrix he will be able to find the Nash equilibrium in the pay off table, because as Nash equilibrium states that with finite number of players there is at least a single Nash equilibrium. The Nash equilibrium provides the best optimal solution to the game theory problem, therefore understanding the concept of Nash equilibrium is very important in solving game theory problems.
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Game theory is topic which is used quite often in subjects like finance and decision making therefore having a good understanding of game theory is very important to excel in other economics subjects as well. Live writers support for game theory can be very helpful to have better understanding of game theory because there are infinite number of games and different pay offs matrices which get confusing some times. The live support provides help to the students who can have trouble in solving problems; they can send us problems or requirements by an email. The problem will be solved right away; it increases the confidence of the students to face game theory problems.
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