Game Theory A Beautiful Mind

Game Theory By Nainil Chheda http://www.nainil.com

Definition
The theory of making the best choice from among the available strategies given imperfect information.[1]
Retrieved from: www.indiainfoline.com/bisc/accg.html

Founders
John von Neumann
Oskar Morgenstern
Sir John Nash (Princeton University, NJ)

Purpose
“ To find a solution to a problem which would lead to a ‘Win-Win’ situation for all the involved parties ” – Nainil Chheda.
A scenario where everybody wins = Nash Equilibrium

Types of games
Symmetric and asymmetric
Zero sum and non-zero sum
Simultaneous and sequential
Perfect information and imperfect information
Infinitely long games
Retrieved from: http://en.wikipedia.org/wiki/Game_theory

Uses of Game Theory
Analysis of Economic Problems
Auctions
War Strategies
Politics

Prisoners Dilemma
http://en.wikipedia.org/wiki/Prisoners_dilemma

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Game Theory A Beautiful Mind

by Nainil Chheda on Oct 20, 2008

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Game Theory A Beautiful Mind — Presentation Transcript