Jul 23, 2017

What does it mean to choose strategies "rationally" when outcomes depend on the strategies chosen by others and when information is incomplete?

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Game Theory 6


Hi, I only upload professor Stevens book. Next two resources I found over the internet. So you can use those resources or any other resources that you feel are better. Feel free. I just want to pass that horrible class. Write a paper that applies the principles and strategies of game theory to personal and societal issues as well as to current events. The paper should also be a critique of game theory, noting its strengths and weaknesses in application to everyday problems. You may use the following as sources: ● The lectures presented by Professor Scott Stevens ● The two course texts ● Other published works and peer-reviewed sources Use citations from the resources mentioned above, and document all of those sources properly. However, your personal reflections on the subject matter are also important (and required) and should be incorporated throughout the assignment. The paper has two basic divisions. Part I : Game Theory Application The first part of the paper should demonstrate an understanding of basic game theory concepts, including the following: ● Elements of a game ● Types of games ● Types of strategies ● Equilibrium ● The prisoner’s dilemma ● The tragedy of the commons ● Utility When discussing these topics, provide original examples from current events, politics, business, or your personal life. Be sure that among your examples you discuss at least one in another discipline such as history, literature, or psychology. In other words, you should demonstrate that game theory can be applied to a variety of different disciplines. Part 2: Game Theory Analysis In this part of the paper you should analyze how well the concepts of game theory work in daily life. In other words, how can game theory benefit/harm personal and societal relationships and our responses to world events? You do not need to respond to all of the following questions, but you should respond to some of them. They are designed to spark your thinking. 1. What does it mean to choose strategies "rationally" when outcomes depend on the strategies chosen by others and when information is incomplete? 2. In what circumstances is aggression rational and in what circumstances is cooperation rational? 3. How does game theory apply to personal relationships, especially ongoing ones? 4. Can moral rules of cooperation emerge spontaneously from the interactions of rational egoists? 5. What does it mean to be allocentric? How will being allocentric help in your personal and social life? 6. What is the value of flexibility, or of voluntarily giving up flexibility? 7. What does game theory say about cooperation, and do you agree with these ideas?

Game TheoryName:Institution:Course:Date:Stevens (2008) defines game theory as the study of the study of everyday decision making which is strategic and interactive among rational individuals. He continues on to describe it as the study of mathematical models or co-operation and conflict among the participant members of a decision-making unit or organ. Game theory is mainly used in the subjects of psychology, political science, and economics and in fields of logic and biology. Contemporary applications of the Game theory have expanded to encompass an extended range of relations in behavior and have developed into a term used to describe decision science in both mankind and computers (Holler, 2002). This paper seeks to explore the Game theory and how it applies to personal, societal and to current events and how the theory shapes interactions in society. This paper is organized into two parts with the first part exploring game theory in detail and will discuss some types of games, the features of games and how the theory can be applied to other disciplines of study. The other part of this paper will be an analysis of the concepts of game theory and its application to world events. The second part of this paper will seek to answer some questions concerning game theory and its application to societal and personal relationships and its effect on people`s perception to world events.Game Theory is a model or guide through which one can use as a guide to understand the decision making of others in response to other peoples actions that have already been done or those about to be undertaken (Holler, 2002). He argues that when people make such decisions, they are playing a game. The concept of Game Theory will help in the identification of potential problem areas in such diverse fields as political, personal or even work related situations. The Theory helps and individual understand the characteristics of the game being played and, therefore, aids him in playing it better. Additionally, if an individual encounters a dangerous game, the individual will be in a more stable position to avoid such games entirely. Holler argues that the theory can be applied in a wide range of interactions between members of society. It aids in setting up the terms of interaction between such members and the rules by which such interactions occur (Holler, 2002).Stevens (2002) argues that the game theory is an educational field that is still in development. Stevens argues that the origins of modern Game Theory can be traced back to 1944 when they published the titled Theory of Games and Economic Behavior was written and published by John Von Neumann and Oskar Morgenstern. The two tutors sought to incorporate ideas from the old economic concepts into a new framework. While older concepts of economics were able to describe market outcomes, it did not consider the actions of individuals as being important. Stevens argues that the game theory, on the other hand, incorporates the dec...

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