Game Theory Solved Problems

Game Theory Solved Problems-80
These games consist of a tree-like structure in which the names of players are represented on different nodes.In addition, in this structure, the feasible actions and pay offs of each players are also given.Figure-2 shows the decision tree for the present situation: In Figure-2, organization A takes the first step that would be followed by organization B later on.

These games consist of a tree-like structure in which the names of players are represented on different nodes.In addition, in this structure, the feasible actions and pay offs of each players are also given.Figure-2 shows the decision tree for the present situation: In Figure-2, organization A takes the first step that would be followed by organization B later on.

On the other hand, extensive form games are the one in which the description of game is done in the form of a decision tree.

Extensive form games help in the representation of events that can occur by chance.

Therefore, their negotiation would have helped in solving out the problem.

Another example can be cited for pan masala organizations.

For example, a player has knowledge that the other player would not use a single strategy, but he/she is not sure about the number of strategies the other player may use.

Simultaneous games are represented in normal form while sequential games are represented in extensive form.

However, if it enters the market, the market situation would be totally dependent on organization B.

If they both get into the price war, then both of them would suffer the loss of 3.

Let us take the example cited in prisoner’s dilemma to understand the concept of cooperative games.

In case, John and Mac had been able to contact each other, then they must have decided to remain silent.

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