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    Game theory is a branch of mathematics used to model strategic interactions between parties. It was developed in the 1950s and is useful for explaining decision-making involving competition or conflict. Key elements of games in this context include players, strategies, payoffs, information, and rationality assumptions. Pure strategies involve each player choosing the same action each time, while mixed strategies incorporate random elements. Solutions to games with pure strategies can be found by determining the minimax and maximin values and identifying any saddle points in the payoff matrix. An example demonstrates finding the saddle point and value of a game through this process.

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    Game theory is a branch of mathematics used to model strategic interactions between parties. It was developed in the 1950s and is useful for explaining decision-making involving competition or conflict. Key elements of games in this context include players, strategies, payoffs, information, and rationality assumptions. Pure strategies involve each player choosing the same action each time, while mixed strategies incorporate random elements. Solutions to games with pure strategies can be found by determining the minimax and maximin values and identifying any saddle points in the payoff matrix. An example demonstrates finding the saddle point and value of a game through this process.

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    11 views14 pages

    Game Thry

    Uploaded by

    nidhiridhi
    Game theory is a branch of mathematics used to model strategic interactions between parties. It was developed in the 1950s and is useful for explaining decision-making involving competition or conflict. Key elements of games in this context include players, strategies, payoffs, information, and rationality assumptions. Pure strategies involve each player choosing the same action each time, while mixed strategies incorporate random elements. Solutions to games with pure strategies can be found by determining the minimax and maximin values and identifying any saddle points in the payoff matrix. An example demonstrates finding the saddle point and value of a game through this process.

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    of 14

    GAME THEORY

    GROUP MEMBER:
    ADWAIT PATANKAR VINOD PRAJAPATI PREETI SINGH 239 241 252

    What is Game Theory?


    Developed in 1950s by mathematicians John von Neumann and economist Oskar Morgenstern. It is a theory of game that provide series of mathematical models. It is useful in explaining interactive decision making concept where two or more competitor are involve under condition of conflict and competition

    Applications of Game Theory


    . Mathematics Computer Science Biology Economics Political Science International Relations Philosophy
    Psychology Law Military Strategy Management Sports Game Playing

    Key Elements of a game


    Players: Who is interacting?
    Strategies: What are their options? Payoffs: What are their incentives? Information: What do they know? Rationality: How do they think?

    Strategy of Game Theory


    It is a set of rules or alternatives course of action available in advance by which the player decide which course of action to adopt. There are two type of strategy: Pure Strategy Mixed Strategy

    Pure Strategy
    If the player select same strategy each time then it is called as pure strategy. In this case each player knows exactly what the other is going to do. There will be deterministic situation. The objective of player is to maximize the gains or minimize the losses.

    Solution of Pure Strategy


    1. Find maximum & minimum value: a) Find minimum value in each row denoting minimum possible game from each strategy of A. b) Find maximum value in each column denoting minimum possible loss from each strategy of B.

    2.Find minimax & maximin value: a)Select maximum value form the minimum values. b)Select minimum value form the maximum values. 3. Find saddle point: a) At the right of each row, write the row minimum and underline the largest of them. b) At the bottom of each column, write the column maximum and underline the smallest of them c) If these two elements are equal, the corresponding cell is the saddle point and the value is value of the game.

    Example:
    B

    B1

    B2

    B3

    A1

    13

    A2

    11

    10

    13

    A3

    10

    11

    Example:
    B A B1 B2 B3 ROW MINIMAX

    A1

    13

    A2

    11

    10

    13

    10

    A3 COLOUM MAXIMUM

    10

    11

    13

    10

    13

    Example:
    B A B1 B2 B3 ROW MINIMAX

    A1

    13

    A2

    11

    10

    13

    10

    A3 COLOUM MAXIMUM

    10

    11

    4 10

    13

    10

    13

    10

    Calculation:
    Value of Game : Saddle Point 10

    : (2,2)

    THANK YOU

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