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What is game theory?
As mentioned earlier, it is a mathematical interpretation of economic activity. In earlier times, game theory and zero-sum game was nothing but same. But in modern days game theory has developed new interpretations and it has become a vast sub-field of study which is yet open to new interpretations.
In modern theory, the introduction of two people zero sum game has been proved by none other than John Von Neumann, a physicist, polymath, inventor and discipline of computer science.
Game theory is of two types, the cooperative and non- cooperative game. The cooperative game is one where both the parties knows what the other is doing and thus the strategy or action of one player is dependent on the strategy and action of the other.
On the other hand non-cooperative game is played by keeping the other person in darkness of knowledge. Another most important thing that you will come across is the idea of Nash-equilibrium which solving game theory.
Nash equilibrium is an outcome which is best for both the players and none of them has the urge to deviate from the equilibrium. It is the Pareto efficient outcome. One of the most basic examples of Nash equilibrium is Prisoners dilemma which can be explained as followed.
Confess Deny
Confess (-10,-10) (-1,-25)
Deny (-25,-1) (-3,-3)
Here the solution using the strictly dominance strategy will give each player a sentence of 10 years of jail which is in fact the worst outcome that if the prisoners would have chosen denial.
This was a very basic introduction to help you out with the idea of game theory. To know more it is important to get into depth of game theory. The second part of this article would help you to get some tips which you can use to know more about Game theory.
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