Strategy (game theory)

Game theory

In game theory, a player's strategy is any of the options which they choose in a setting where the outcome depends not only on their own actions but on the actions of others. The discipline mainly concerns the action of a player in a game affecting the behavior or actions of other players. Some examples of "games" include chess, bridge, poker, monopoly, diplomacy or battleship. A player's strategy will determine the action which the player will take at any stage of the game. In studying game theory, economists enlist a more rational lens in analyzing decisions rather than the psychological or sociological perspectives taken when analyzing relationships between decisions of two or more parties in different disciplines. The strategy concept is sometimes (wrongly) confused with that of a move. A move is an action taken by a player at some point during the play of a game (e.g., in chess, moving white's Bishop a2 to b3). A strategy on the other hand is a complete algorithm for playing the game, telling a player what to do for every possible situation throughout the game. It is helpful to think about a "strategy" as a list of directions, and a "move" as a single turn on the list of directions itself. This strategy is based on the payoff or outcome of each action. The goal of each agent is to consider their payoff based on a competitors action. For example, competitor A can assume competitor B enters the market. From there, Competitor A compares the payoffs they receive by entering and not entering. The next step is to assume Competitor B doesn't enter and then consider which payoff is better based on if Competitor A chooses to enter or not enter. This technique can identify dominant strategies where a player can identify an action that they can take no matter what the competitor does to try and maximize the payoff. This also helps players to identify Nash equilibrium which are discussed in more detail below. A strategy profile (sometimes called a strategy combination) is a set of strategies for all players which fully specifies all actions in a game. A strategy profile must include one and only one strategy for every player. (Wikipedia).

3 game theory tactics, explained

How to maximize wins and minimize losses, explained by four experts on game theory. Subscribe to Big Think on YouTube ► https://www.youtube.com/channel/UCvQECJukTDE2i6aCoMnS-Vg?sub_confirmation=1 Up next, Harvard negotiator explains how to argue ► https://youtu.be/IDj1OBG5Tpw Game theory

From playlist Get smarter, faster

1. Introduction: five first lessons

Game Theory (ECON 159) We introduce Game Theory by playing a game. We organize the game into players, their strategies, and their goals or payoffs; and we learn that we should decide what our goals are before we make choices. With some plausible payoffs, our game is a prisoners' dilemma.

From playlist Game Theory with Ben Polak

Mod-02 Lec-03 Strategic Games : Examples

Game Theory and Economics by Dr. Debarshi Das, Department of Humanities and Social Sciences, IIT Guwahati. For more details on NPTEL visit http://nptel.iitm.ac.in

From playlist IIT Guwahati: Game Theory and Economics | CosmoLearning.org Economics

Jules Hedges - compositional game theory - part I

Compositional game theory is an approach to game theory that is designed to have better mathematical (loosely “algebraic” and “geometric”) properties, while also being intended as a practical setting for microeconomic modelling. It gives a graphical representation of games in which the flo

From playlist compositional game theory

Jules Hedges - compositional game theory - part III

From playlist compositional game theory

Why Game Theory is Not About Competition

This video was made possible by our Patreon community! ❤️ See new videos early, participate in exclusive Q&As, and more! ➡️ https://www.patreon.com/EconomicsExplained ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ Game Theory is supposed to show how businesses (and prisoners) can outdo each other to win out

From playlist Case Studies

The Mathematics of Trust // How Game Theory Explains Cooperation

Check out Brilliant ► https://brilliant.org/TreforBazett/ Join for free and the first 200 subscribers get 20% off an annual premium subscription. Thank you to Brilliant for sponsoring this playlist on Game Theory. My Game Theory Playlist ► https://www.youtube.com/playlist?list=PLHXZ9OQG

From playlist Game Theory

Nash Equilibriums // How to use Game Theory to render your opponents indifferent

Check out Brilliant ► https://brilliant.org/TreforBazett/ Join for free and the first 200 subscribers get 20% off an annual premium subscription. Thank you to Brilliant for sponsoring this playlist on Game Theory. Game Theory Playlist ► https://www.youtube.com/playlist?list=PLHXZ9OQGMqx

From playlist Game Theory

Mod-04 Lec-27 Mixed Strategy Nash Equilibrium: Introduction

Game Theory and Economics by Dr. Debarshi Das, Department of Humanities and Social Sciences, IIT Guwahati. For more details on NPTEL visit http://nptel.iitm.ac.in

From playlist IIT Guwahati: Game Theory and Economics | CosmoLearning.org Economics

Some Equations and Games in Evolutionary Biology - Christine Taylor

Some Equations and Games in Evolutionary Biology Christine Taylor Harvard University; Member, School of Mathematics February 14, 2011 The basic ingredients of Darwinian evolution, selection and mutation, are very well described by simple mathematical models. In 1973, John Maynard Smith lin

From playlist Mathematics

Introduction to game theory by Matteo Marsili

Winter School on Quantitative Systems Biology DATE: 04 December 2017 to 22 December 2017 VENUE: Ramanujan Lecture Hall, ICTS, Bengaluru The International Centre for Theoretical Sciences (ICTS) and the Abdus Salam International Centre for Theoretical Physics (ICTP), are organizing a Wint

From playlist Winter School on Quantitative Systems Biology

Introducing Game Theory

Game theory was originally proposed to model the economic behavior of rational agents. Besides the introduction of influential concepts in economics and finance, it provided useful tools in other human-related fields such as sociology, politics and military strategy. The framework appeared

From playlist Wolfram Technology Conference 2021

Live CEOing Ep 459: Language Design in Wolfram Language [Game Theory]

In this episode of Live CEOing, Stephen Wolfram discusses upcoming improvements and functionality to the Wolfram Language. If you'd like to contribute to the discussion in future episodes, you can participate through this YouTube channel or through the official Twitch channel of Stephen Wo

From playlist Behind the Scenes in Real-Life Software Design

5f Machine Learning: Non-cooperative Game Theory

A lecture on non-cooperative game theory including a basic introduction up to pure and mixed strategy Nash equilibrium and applications. I was motivated by the recent use of Shapley value from cooperative game theory for machine learning model explainability.

From playlist Machine Learning

33. Evolutionary Game Theory: Fighting and Contests

Principles of Evolution, Ecology and Behavior (EEB 122) The economic concept of game theory can be readily applied to evolution and behavior. By analyzing encounters between organisms as a mathematical "game," important information such as fitness payoffs and the proportions of "strateg

From playlist Evolution, Ecology and Behavior with Stephen C. Stearns

Solving the Monty Hall Problem via Game Theory

There are lots of Monty Hall videos out there, but as far as I'm aware, none of them presents it from the standpoint of Game Theory. Therefore, it's a good opportunity to make a brief introduction to my favorite branch of mathematics: Game Theory! To watch this video, I'm assuming that th

From playlist Summer of Math Exposition Youtube Videos

Computational Approach to Game Theory

To learn more about Wolfram Technology Conference, please visit: https://www.wolfram.com/events/technologyconference/ Speaker: Gerald Thomas Wolfram developers and colleagues discussed the latest in innovative technologies for cloud computing, interactive deployment, mobile devices, and

From playlist Wolfram Technology Conference 2017

How to Win with Game Theory & Defeat Smart Opponents | Kevin Zollman | Big Think

How to Win with Game Theory & Defeat Smart Opponents New videos DAILY: https://bigth.ink Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge ---------------------------------------------------------------------------------- If you want to win

From playlist Negotiation tips with Big Think

The New Decision Process Toolkit

Gerald Thomas

From playlist Wolfram Technology Conference 2019

Game Theory: Winning the Game of Life

Game Theory: Winning the Game of Life - Game Theory Explained Sign up and start learning today for FREE: https://brilliant.org/aperture Follow me!: https://www.instagram.com/mcewen/ Game Theory is an interesting subject. It has implications on all of our lives, and it's not something that

From playlist Philosophy & Psychology 🧠

Strategy (game theory)

Related pages