Game Theory Essays (Examples)

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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….

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….

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….

Game Theory Is a Separate
PAGES 6 WORDS 1953


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….

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,….

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….

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….

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….

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….

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.

Applied Game Theory
PAGES 9 WORDS 2450

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.

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 the….


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….

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3 Pages
Essay

Economics

Game Theory and Galatasaray

Words: 1093
Length: 3 Pages
Type: Essay

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…

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5 Pages
Term Paper

Literature - African

Game Theory Analysis in Real Life

Words: 1323
Length: 5 Pages
Type: Term Paper

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…

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5 Pages
Term Paper

Economics

Game Theory the Scenario That

Words: 1447
Length: 5 Pages
Type: Term Paper

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.…

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6 Pages
Term Paper

Economics

Game Theory Is a Separate

Words: 1953
Length: 6 Pages
Type: Term Paper

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…

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5 Pages
Essay

History - Israel

Game Theory How the Irrational

Words: 1774
Length: 5 Pages
Type: Essay

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…

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3 Pages
Essay

Economics

Game Theory Applied in Game

Words: 923
Length: 3 Pages
Type: Essay

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…

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2 Pages
Research Paper

Economics

Game Theory and Its Application

Words: 740
Length: 2 Pages
Type: Research Paper

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…

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1 Pages
Term Paper

Economics

Game Theory and Oligopolies Game

Words: 461
Length: 1 Pages
Type: Term Paper

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…

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2 Pages
Data Analysis Chapter

History - Israel

Game Theory Iran Relations Is

Words: 643
Length: 2 Pages
Type: Data Analysis Chapter

(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…

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2 Pages
Term Paper

Business - Advertising

Game Theory and Equilibrium Outcomes Quickmba 2010

Words: 580
Length: 2 Pages
Type: Term Paper

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…

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1 Pages
Term Paper

Economics

Game Theory Work in Practice

Words: 353
Length: 1 Pages
Type: Term Paper

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…

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1 Pages
Essay

Philosophy

Game theory and'suitable outcomes

Words: 379
Length: 1 Pages
Type: Essay

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…

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1 Pages
Essay

Management

Game theory application in businesses

Words: 354
Length: 1 Pages
Type: Essay

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

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9 Pages
Essay

Applied Game Theory

Words: 2450
Length: 9 Pages
Type: Essay

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…

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4 Pages
Term Paper

Economics

Game Theory Does Explains Market

Words: 975
Length: 4 Pages
Type: Term Paper

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…

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