Unit_3_Game_Theory.pptx - Unit 3 Game Theory Game Theory Decision Making with an Active Opponent Game theory is used in a situation when the state of

Unit_3_Game_Theory.pptx - Unit 3 Game Theory Game Theory...

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Unit 3 Game Theory
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Game Theory: Decision Making with an Active Opponent Game theory is used in a situation when the state of nature is an active and intelligent opponent (the opponent is also a decision maker) Such competitive situation are found in several activities: sports, business, military strategies; there is situation of conflict over time. Game theory is indeed about modeling for winning in a competitive environment
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Characteristics and types of Games Characteristics of games: participants are competitors success of one usually at the expense of the other. Types of games under game theory: two- person zero-sum games (the earning of one player is the expense of other player/opponent) two-person non zero-sum games n-person zero-sum games (n is greater than two) n-person non zero-sum games
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Illustration of 2 persons zero sum game Consider 2 players X and Y are equally intelligence Each has a choice of two strategies Each knows the outcome for every
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