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Game theory is a type of decision theory in which one’s choice of action is determined after taking into account all possible alternatives available to an opponent playing the same game, rather than just by the possibilities of several outcome results.
Simply put, game theory is the study of strategic, interactive decision making among rational individuals. Any time people are making decisions that affect others or in response to the actions—or even the expected actions—of others, they’re playing a game.
These lecture notes extend some of the basic ideas in game theory that were covered in 15.010. We will begin by explaining what we mean by rational — or rationalizable — strategies. We will apply this concept to a discussion of the War of Attrition, which can turn out to be a rather complicated game.
Games Played by Automata Automata in Game Theory The study of iterated games by nite automata has been explored by a number of authors: Aumann, Radner, Rubinstein, Neyman, Kalai, and many others. Here we largely follow Rubinstein (1998) and Kalai & Stanford (1988). Thomas Icard: Models of Bounded Rationality, Lecture 2: Game Theory 16
Game theory is the formal study of decision-making where several players must make choices that potentially affect the interests of the other players. A mixed strategy is an active randomization, with given probabilities, that determines the player’s decision.
In this note, we describe the game-theoretic approach to analyzing complex business situations and use the theory to study a common business transaction— the decision to sell off a plant. The results of almost any strategic action depend on how other companies react to the action.
We introduce here the basic objects involved in game theory. To specify a game ones gives The players. The set of all possible strategies for each player. The payo s: if each player picks a certain strategy then each player receive a payo represented by a number.
