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Nash Equilibrium' Was Provided by John Nash Where He Developed A Definition of An

Game theory is a mathematical method used to analyze strategic decision-making between interdependent players. It is used to determine optimal strategies in competitive or cooperative situations. Game theory studies how rational players make decisions to maximize their outcomes when the outcomes depend on the decisions of other players. It has been applied to fields like economics, political science, and biology to analyze strategic interactions. Important contributors to game theory include John Nash, Reinhard Selten, John Harsanyi, and John Maynard Smith.

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Khairah A Karim
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57 views2 pages

Nash Equilibrium' Was Provided by John Nash Where He Developed A Definition of An

Game theory is a mathematical method used to analyze strategic decision-making between interdependent players. It is used to determine optimal strategies in competitive or cooperative situations. Game theory studies how rational players make decisions to maximize their outcomes when the outcomes depend on the decisions of other players. It has been applied to fields like economics, political science, and biology to analyze strategic interactions. Important contributors to game theory include John Nash, Reinhard Selten, John Harsanyi, and John Maynard Smith.

Uploaded by

Khairah A Karim
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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INTRODUCTION

Game Theory is the one of mathematical method that we use in decision making which it competitive or cooperative situation where it can analysis to determine the optimal course an action especially an interested player. Game theory studies situations where multiple players make decisions in an attempt to maximize their return and any situation in which the outcomes are the product of interaction of more than one rational player. Game theory has been applied to animal behavior, including evolutionary theory and its begin a large role in social science in the 1970s. In the games especially the prisoners dilemma are used to illustrate thinking in political science and ethics. There are many scientists who have studied the theory of games and publish them in book form. James Waldegrave was the first scientist to discuss the theory of games. After John Von Neumann published a series of papers in 1928, game theory really exists as a unique field. The next book is The Theory of Games and Economic Behavior by Von Neumann and Oskar Morgenstern where this book discuss about time period, work on game theory was primarily focused on cooperative game theory, which analyzes optimal strategies for groups of individuals, presuming that they can enforce agreements between them about proper strategies. Nash equilibrium was provided by John Nash where he developed a definition of an optimum strategy for multiplayer games where no such optimum was previously. Nash mathematically actually clarified the distinction between cooperative and noncooperative games. In noncooperative games, no outside authority assures that players stick to the same predetermined rules, and binding agreements are not feasible. Beside that, Nash also introduced the concept bargaining where two or more players collude to produce a situation and failure to collude would make each of them worse off.

The other scientist that introduced their concept is Reinhard Selten with solution concept of subgame of perfect equilibrium. John Harsanyi with the concept of complete information and Bayesian games. John Maynard with the game theory was extensively applied in biology, largely

as a result of the work. From the introduction we know that game theory is used to analyze of consequences of making a decision on tactical performance of an individual in team sport, for the players with other players and opponent team.

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