Game Theory: Galatasaray
"What economists call game theory psychologists call the theory of social situations, which is an accurate description of what game theory is about. Although game theory is relevant to parlor games such as poker or bridge, most research in game theory focuses on how groups of people interact" (Levine, 2013). Game theory is used in a variety of situations and professions where it is imperative to use razor-sharp strategy and to be adaptable to a given situation, planning for the future. Game theory is important in the task of manipulating situations to achieve specific goals.
ecently, Galatasaray ended their contract with Fatih Terim, to the shock of most people. Many people speculated as to why Galatasaray ended their contract with Terim, seeing as how Galatasaray is the biggest soccer club in Turkey with 19 league championships, fourteen Turkish cups, one UEFA cup and one Super cup -- and the…...
mlaReferences
Galatasaray.org. (n.d.). Official Site. Retrieved from Galatasaray.org: http://www.galatasaray.org/en/
Levine, D. (2013). What is Game Theory? Retrieved from Ucla.edu: http://levine.sscnet.ucla.edu/general/whatis.htm
Terim Terim
Claim no claim
Game Theory
hy did Apartheid End?
A Solution Developed from the Concept of Game Theory
James Michener was a history professor at the University of Texas and a widely read chronicler of different periods of history. Michener was largely a novelist, but his novels were based on factual information that was peopled by fictional, but representative, main characters and some historical figures. In a book called "The Covenant," Michener detailed the history of the nation of South Africa from prehistoric times up until the late 1970's. In his book, the author spent a great deal of time discussing how the practice of apartheid came about, and why it continued for more than 300 years (culminating in the institutionalization of the practice in 1948 (Lodberg)).
This paper examines why the South African government chose to end the practice of apartheid according to the rules expressed in game theory.
The Game
At the beginning of the course (Lecture…...
mlaWorks Cited
Lodberg, Peter. "Apartheid as a Church -- Dividing Ethical Issues." The Ecumenical Review 48.2 (1996): 173-177. Web.
Michener, James. The Covenant. New York: Random House, 1980. Print.
Schwartzman, K.C. & Taylor, K.A. "What Caused the Collapse of Apartheid?" Journal of Political and Military Sociology 27.1 (1999): 109-122. Web.
The Economist. "The Batsman who Helped Destroy Apartheid." The Economist 2011, 22 November. Web.
They also will exacerbate the deficit and could compromise the economy. There is disagreement over which policy prescription is going to be more likely to damage the economy. The health of the U.S. economy, however, is subject to a lot of variables, and one's own economic situation is only somewhat affected by the state of the U.S. economy. Still, the voter wants to vote in a way that increases the odds of a positive financial outcome.
There are a number of tools that can help to visualize the choice, but decision trees are not easy to draw in Word. Excel can be used to perform the same function. The voter can calculate that if the President spends too much money it will cost $40,000 in future tax increases and decreased job prospects.
Candidate a
Certainty
Value
Outcome
Certainty
Value
Total Odds
Total Value
Net
Tuition Cut
50%
$10,000
None
80%
$0
40.0%
$10,000
$4,000.0
Bad Economy
20%
-$40,000
10.0%
-$30,000
-$3,000.0
No Tuition Cut
50%
$0
None
90%
0
45.0%
$0
$0.0
Bad Economy
10%
-$40,000
5.00%
-$40,000
-$2,000.0
-$1,000.0
Candidate B
Tax Cut
80%
$500
None
50%
0
40.0%
$500
$200.0
Bad Economy
50%
-$40,000
40.00%
-$39,500
-$15,800.0
No Tax Cut
20%
$0
None
90%
0
18.0%
$0
$0.0
Bad Economy
10%
-$40,000
2.00%
-$40,000
-$800.0
-$16,400.0
The wild card is that…...
An infinite number of Nash equilibria exist. Given any request, the corresponding strategy of the equilibrium pair simply requests the remainder of the cake. If the first person did not request the entire cake for him or herself, there is a strict Nash equilibrium. If the first player did request the whole cake, the equilibrium is not a strict Nash equilibrium. However, if player 2 makes any nonzero demand, he or she will still receive the same amount, nothing, because any nonzero demand will push the total sum of demands greater than the amount of cake available. If both players act to maximize expected utility, each should demand half. Intuitively, this appears not only as the rational thing to do but also as the "fair" thing to do.
Lastly, a game can be devised where there is cooperation with incomplete information. This entails considering how different players should compromise and how…...
mlaReferences Cited
Kuhn, H.W. (1997) Classics in Game Theory. Princeton: Princeton University Press.
Myerson, R.B. (1991) Game Theory.
Cambridge, MA: Harvard Press.
McCain, R.A. (2003) Game Theory: A Non-technical Introduction to Analysis of Strategy. Website retrieved 19 October, 2005.
So-called n-person games include more than two actors or sides….The central problem is that the rational decision for an individual actor such as a state may be to 'defect' and go it alone as opposed to taking a chance on collaboration with another state actor" as did Israel and the ascent of the Likud after Arafat's refusal of the 2000 peace deal (Beavis 2010). Yet saber-rattling no longer seems like a way of gaining the temporary upper hand in negotiations, but a way of life in a land where mistrust has become a way of life. Beyond personal politics, beyond securing safer ground in an unsafe world, the lack of trust in the Middle East may have become a kind of cultural norm which transcends even the ability of rational actor game theorists to fully explain.
orks Cited
Beavis, Mark. "Game Theory." IR Paradigms, Approaches and Theories. February 9, 2010.
May 16,…...
mlaWorks Cited
Beavis, Mark. "Game Theory." IR Paradigms, Approaches and Theories. February 9, 2010.
May 16, 2010.
http://www.irtheory.com/know.htm
Miller, Judith. "Yasser Arafat." The New York Times. November 11, 2004.
In actuality, the competition became quite stiff between various sales staff as it was the sales leaders in each category that were to receive bonuses, rather then incentives being given to all staff that reached certain targets. This meant that it was in each sales person's best individual interests to hinder sales from others and compete for certain specific sales.
The ultimate result was a more embittered workforce and a somewhat less successful organization that did not see at all the type of growth in sales that had been expected at the onset of the incentive program nor that could have been achieved through the design and implementation of a less competitive and more effective program. Pitting the goals of individuals within an organization against each other is almost never in the best interests if the organization or of the majority of the individuals within that organization as competitions that…...
mlaReferences
Levine, D. (2010). What is game theory? Accessed 2 December 2010. http://levine.sscnet.ucla.edu/general/whatis.htm
Ross, D. (2010). Game theory. Accessed 2 December 2010. http://plato.stanford.edu/entries/game-theory/
Segerstorm, S. & Nes, L. (2006). When Goals Conflict but People Prosper: The Case of Dispositional Optimism. Journal of research in personality 40(5): 675-93.
Shepherd, P. (2010). The Evolution of Goal Conflict Structures. Accessed 2 December 2010. http://www.trans4mind.com/spiritual/goals.htm
Game theory is a concept that entails formal study of cooperation, conflict and actions taken up by several interdependent agents. Game theory as a concept lays down the structure that facilitates through analysis an understanding of the strategic choices agents adopt[footnoteRef:1]. The earliest conceptualization of game theory is by Cournot in 1838 where the analysis sought to clarify choices and actions taken in a duopolistic market [footnoteRef:2]. Over the years, exploration of the game theory incorporates market equilibrium entailing economic social and political decisions. As a decision making tool, game theory involves the application of mathematical concepts to analyze strategic choices and problems. The decision making process allows enumeration of the players strategic options considering preferences and responses[footnoteRef:3]. [1: Gibbons, and Robert. Game Theory for Applied Economists. Princeton, NJ.: Princeton University Press, 1992. Gibbons, and Robert. Game Theory for Applied Economists. Princeton, NJ.: Princeton University Press, 1992.] [2: Rasmusen, and…...
mlaBibliography
Gibbons, and Robert. Game Theory for Applied Economists. Princeton, NJ.: Princeton University Press, 1992.
Rasmusen, and Eric. Games and Information: An Introduction to Game Theory, 3rd Ed. . Oxford: Blackwell, 2001.
In other words, excessive participation and competition can result in a negative outcome for everyone without collusion and segmentation of behavior.
Applying this principle to economics, it makes sense in an oligopolistic market where only a few sellers dominate to engage in some collusion, or, if this is not legally possible, for each to concentrate on a specific market segment, rather than waste too many resources, target the entire market or worse, engage in a competitive price war for the same market segment as a competitor in a way that that drives prices down for all the sellers in the market. This type of collusion or segmentation becomes more difficult as more entities enter the market. When a market is no longer an oligopoly, sellers lose out. For example if another group of male students enter the bar and target the blonde, brunette, and redhead in a way that interferes…...
(Source: (Nov 11, 2008) ebaumsworld.com: he KKK Want Barack Obama Dead ( Proof ) http://www.youtube.com/watch?v=ORf_RyNH4gI)
Syntactic features
During her campaign Hilary Clinton (April 16, 2008) was asked by Good Morning America (MSNBC's Countdown), how she would respond if Iran attacked Israel with weapons. Her response:
" an attack on Israel will trigger massive retaliation… any attack on Israel will prompt massive nuclear response from the United States.. If I am the president we will attack Iran.. And want them to understand that because whatever stage of development they might be in the weapons development program. In the next 10 years if they consider launching an attack against Israel we would be totally able o obliterate them.. hat's a terrible thing to say, but those people who run Iran need to understand that because that perhaps would deter them from doing something reckless, foolish, and tragic." (Source: Youube Hillary Clinton on the Nuclear…...
mlaThis is often evidenced in terror-like situation where, for instance, terrorists threaten that they will harm innocent civilians unless certain individuals are liberated. Such an instance occurred in 2010 when the Taliban kidnapped a British aid worker and three Afghan colleagues in Khunar Province in Afghanistan and gave the Americans the choice of their release on condition that a Pakistani woman -- who had been imprisoned by the Americans for 86 years -- be released.
The Pakistani woman was connected to al-Quidea and had been arrested for attacking American soldiers. (Source: Christian Science Monitor (n.d.) Taliban kidnap British aid worker, demand prisoner swap for Aafia Siddiqui,
Game Theory and Equilibrium Outcomes
QuickMBA (2010) states, "Game theory analyzes strategic interactions in which the outcome of one's choices depends upon the choices of others. For a situation to be considered a game, there must be at least two rational players who take into account one another's actions when formulating their own strategies." Assuming fair competition and antitrust laws are upheld, GE could follow a specific framework or actionable approach to maintaining its market share "when evaluating a situation in which game theory is applicable (QuickMBA, 2010)." According to QuickMBA (2010), GE should:
(1) Define the problem. (2) Identify critical factors.(3) Build a model, such as a bimatrix game (4) Develop intuition by using the model. (5) Formulate a strategy-- cover all possible scenarios.
The bimatrix game model follows.
The data does not convey any definitive conclusions with regard to GE successfully or completely thwarting Maytag's entrance into the market for high efficiency…...
A small company can slash prices and thus make crucial market inroads against major competitors, like Kiwi Airlines, or conversely a large company can make more effective use of economies of scale. Game theory is not equally useful to all industries, in general the larger the industry, the more difficult it is to create accurate scenarios, as eventually the variables that must be analyzed grow too complex and numerous. Also, the article suggests that more aggressively competitive industries, with high fixed costs, and only few 'big deals' will tend to benefit less from game theory, which may seem to somewhat undercut its statement that game theory is growing more useful today -- after all, in many industries, competition has grown even more fierce. But the consolidation of many markets, combined with the future uncertainty of how competitors and consumers will react to shifts in data seems to support the…...
Game theory and strategies used to achieve suitable outcomesIn organizational affairs problems, game-theoretic models include a detailed denunciation of situational interactions. The theory incorporates essential points in both pragmatist and radical perspectives on international affairs (DeCanio& Fremstand, 2011). Game theory is used in situations like negotiations, transactions, and elections. The approach is used in predicting the relationship between players and the strategies the business operates.The negotiations between worker unions and the management over workers' strikes are areas where game theory is used. Organizations such as the doctors, when they strike, the game theory can be used to ensure that the parties arrive at the optimum solution by rising productivity by considering distinct pay and profit approaches that optimize the well-being of employees' leadership. The players' relationship is a strategy one because the players assign a numerical value to each game outcome. In business, the primary aim is profit, but human…...
mlaReference
Binmore, K. (2007). Game theory: a very short introduction. OUP Oxford.
DeCanio, S. J., & Fremstad, A. (2013). Game theory and climate diplomacy. Ecological Economics, 85, 177-187.
Froeb, L. M., McCann, B. T., & Ward, M. R. (2015). Managerial economics. Cengage Learning,205-206.
ApplyinggametheorytobusinessesDiscussion3Iappreciateyourinsightintogametheoryconceptsandhowplayerdynamicswithinthesportsteamplayanimportantroleindevelopinganidealoutcome.Youbringupthecrucialpointsonhowpeopleattempttocheatthesystemandrewardit.Playersindifferentgamestendtochoosewhethertotrusteachotherwithoutknowingtheotherplayers.Decisionsmadeduringthegametheoryshouldincludealltheplayerswhoareinvolved.Iagreewithyourprecautionsonhowtheplayersshouldbemoreawareofwhatthedoctorwhowasworkingontheperformance-enhancingdrugswasdoing,butwithnotransparencytotheplayers,theoutcomeremainsthesame.Involvingtheplayersgivesthemachoiceofwhethertousethisstrategyornot(Demuth,2013).Inmyopinion,transparencybetweentheplayersensuresthattheplayersanalyzealltheriskspresentanddevelopanoptimalstrategy.Discussion4Ilikehowyouarticulateyourviewsonthegameoftheoryconcept.Yourargumentsshowadeepunderstandingofthetopic.Everyopponentinthegamehasequalopportunities,andtheybothsteerittotheirpreferredoutcomebystandingfirmintheirposition(Froeb,McCann,Shor&Ward,2018).Thechoicesandstrategieseachplayermakesaresimilartoourintentions(Demuth,2013).Iagreewithyourargumentthatnoplayerhasthepowertodictatetheoutcome,andnobodyneedstobeheldresponsibleforthechoicesmade.Indeed,reopeningschoolsatthebeginningofthefootballseasonduringthisCOVID-19pandemicrequiresmanynegotiationsanddecision-makingprocesses.Inmyopinion,havingagreatstrategywherealltheplayersagreegivesabetteroutcome.Betteroutcomesareachievedifplayerslistentotheconcernofothersandcomeupwithwaysofcooperationandcompromise.ReferencesDmuth,A.(2013).GameTheoryandtheProblemofDecisionMaking.EditionCognitiveStudies.Froeb,L.M.,McCann,B.T.,Shor,M.,&Ward,M.R.(2018).Managerialeconomics:Aproblem-solvingapproach(5thed.).CengageLearning.ISBN-13:9781337106665...
mlaReferencesDémuth, A. (2013). Game Theory and the Problem of Decision Making. Edition Cognitive Studies.Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018). Managerial economics: A problem-solving approach (5th ed.). Cengage Learning. ISBN-13: 9781337106665
The Versatility of Applied Game Theory
Applied game theory is an intricate subject that touches upon the strategic interactions amongst rational decision-makers. It has evolved as a powerful tool not just within economics, but across a diverse range of disciplines including political science, biology, computer science, and psychology. By applying game theory, one can forecast the outcomes of competitive situations and make better strategic choices by considering the potential decisions of others. This essay explores the various domains where applied game theory has made a substantial contribution.
1. Economics
One of the primary fields where applied game theory has been instrumental is economics, where it helps to model the actions and reactions of consumers, firms, and governments (Dixit & Nalebuff, 1991). The concept of Nash Equilibrium, named after the mathematician John Nash, is a foundational cornerstone in this context. It represents a situation where no participant can benefit by changing their strategy if…...
mlaReferences
Dixit, A., & Nalebuff, B. (1991). Thinking strategically: The competitive edge in business, politics, and everyday life. W.W. Norton & Company.
Nash, J. F. (1950). The bargaining problem. Econometrica: Journal of the Econometric Society, 18(2), 155-162.
Downs, A. (1957). An economic theory of democracy. Harper.
Axelrod, R. M. (1984). The evolution of cooperation. Basic books.
c) Mutual Interdependence: This assumption is based on the relationship between two or more individuals where one person depends upon the other for economic interest or benefit. When making a decision one has to consider the effect of his or her decision to the partner. This is common in the Perfect competition -- pure market phenomenon.
With the assumptions above the game theory helps in developing a perfect competition among the consumers.
Goal theory in perfect competition market
It tends to describe market structure based on assumptions which are non-existent, most market systems are imperfect, however the long run and short run situations can help in holding the assumption to be true based on the equilibrium, price and output.
Basic assumptions required for conditions of pure competition to exist as below;
Many small firms: Each producer producing a significant percentage in the total output in the market hence has no ruling in the market prices.
Many…...
mlaReferences
David K.L., (2011). Economic and Game Theory, what is Game Theory. Retrieved April
21, 2011 from http://levine.sscnet.ucla.edu/general/whatis.htm
Geoff R., (2006). Perfect Competition. Retrieved April 21, 2011 from http://tutor2u.net/economics/revision-notes/a2-micro-perfect-competition.htm
Theodore L.T. & Bernhard S., (2001). Game Theory. Texas a&M University, London School of Economics, DAM Research Report LSE-CDAM-2001-09 Retrieved April 21, 2011 from http://www.cdam.lse.ac.uk/Reports/Files/cdam-2001-09.pdf
Certainly! Here are some essay topic ideas for the movie "A Beautiful Mind":
1. Analyzing John Nash's character development throughout the film.
2. Exploring the theme of mental illness and its portrayal in "A Beautiful Mind."
3. Examining the impact of supporting characters on Nash's journey.
4. Discussing the representation of academia and intellectual pursuits in the movie.
5. Critically analyzing the use of visual effects and cinematic techniques to depict Nash's hallucinations.
6. Investigating the social and psychological implications of Nash's decision to conceal his mental illness.
7. Addressing the portrayal of love and relationships in the film, particularly focusing on Nash's marriage with Alicia.
8. Evaluating....
Sure! Here are some lesser-known but interesting essay topics on microeconomics:
1. The impact of behavioral economics on consumer decision-making
2. The role of network effects in the digital economy
3. The economics of happiness: measuring and maximizing individual well-being
4. The economics of crime and punishment: analyzing the cost-benefit of criminal behavior
5. The effects of income inequality on economic growth and social stability
6. The economic implications of environmental sustainability and conservation efforts
7. The economics of addiction: analyzing the behavior of individuals with addictive tendencies
8. The role of game theory in understanding strategic decision-making in business and economics
9. The economics of discrimination: analyzing the....
1. The impact of supply and demand on interest rates in HSBC Bank
2. The role of elasticity in determining pricing strategies in HSBC Bank
3. The concept of opportunity cost in investment decisions at HSBC Bank
4. The influence of market structure on competition and pricing in HSBC Bank
5. The effects of government regulation on the banking industry and HSBC Bank specifically
6. The relationship between marginal utility and consumer behavior in the banking sector, with a focus on HSBC Bank
7. The concept of economies of scale and how it applies to HSBC Bank's operations and growth strategies
8. The principles of cost-benefit analysis....
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