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Game Theory
Game Theory
Game Theory is a way to determine the outcome of certain situations in economics, behavior, child cases and even games. It is used to determine when to sell goods, and buy other goods. It is based on game theory and mathematics. You can use matrices to figure out what happens when a business advertises compared to one that doesn't. You can figure out if it is better to advertise or not advertise. The business can save money if they find out that they don't need to advertise. The men pictured here are Antoine Augustin Cournot and John Nash.
The Nash Equilibra
The Nash Equilibra
The Nash Equilibria, a game theory, is from the late 1830s. Antoine Augustin Cournot was the first known person to document this concept.
The Nash Equilibria, a game theory, is from the late 1830s. Antoine Augustin Cournot was the first known person to document this concept.
It was figured out that when referring to a game, if no one is changing their strategies then no one is going to get a better position in the game. If the Nash equilibria is used in a game that you and a friend(s) play, you are not able to have a better position in the game. This occurs when players do not stray away from their original course of action. It can only get worse or stay the same.
It was figured out that when referring to a game, if no one is changing their strategies then no one is going to get a better position in the game. If the Nash equilibria is used in a game that you and a friend(s) play, you are not able to have a better position in the game. This occurs when players do not stray away from their original course of action. It can only get worse or stay the same.
Antoine Augustin Cournot (1801-1877)
The Nash Equilibria was called that in honor of John Nash. (1928-2015)
You can calculate some versions of game theories using math and matrices. You can determine from what person A has done what the next person (B) should do in the game. Statistics plays a great role in these concepts. You can use averaging and equations to find fair pays for business partners, using the Shapley value.
This page by Addison K. ( '19)
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