Game theory is a useful tool for decision-making in situations where the outcome depends on multiple parties. It provides a systematic way to analyze the interdependence of individuals or organizations and their potential strategies.
Game Theory is an interesting subject. It has implications on all of our lives, and it’s not something that’s blatantly obvious all the time. It’s the science of strategy, and it’s pretty cool.… Read the rest
This video goes over the strategies and rules of thumb to help figure out where the Nash equilibrium will occur in a 2×2 payoff matrix. Generally you need to figure out what the dominant strategy is for each player and … Read the rest
The Replicator equation is the first and most important game dynamic studied in connection with evolutionary game theory. The replicator equation and other deterministic game dynamics have become essential tools over the past 40 years in applying … Read the rest
John Nash, the US mathematician who has died at 86, is hailed with putting game theory at the heart of economics. Ferdinando Giugliano explains why his work is so important and how the Nash equilibrium theory works.… Read the rest
As we saw in the previous chapter on evolutionary games, when everyone was playing a random strategy it was best to play a Tit for Tat strategy. When everyone was playing a Tit for Tat strategy it was … Read the rest