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

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)

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

“ 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

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

Analysis of Economic Problems

Auctions

War Strategies

Politics

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

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