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Intro to Game Theory and the Dominant Strategy Equilibrium
 
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http://economicsdetective.com/ Game theory is the study of human behaviour in strategic settings. It is used to solve some of the harder problems in economics. So what is a game? To have a game, you need at least two players, sometimes called agents, or, if you want to be really crazy, people. And you need payoffs for the players, you need to define the outcomes they can potentially get depending on how the game unfolds. And finally, you need rules for the game. Now, it's not always obvious how people will behave, even with players, payoffs, and rules clearly defined. That's why game theorists have a number of solution concepts for games, including the dominant strategy equilibrium, the Nash equilibrium, the subgame perfect Nash equilibrium, the Bayesian equilibrium, and the weak perfect Bayesian equilibrium. The most basic solution concept is the dominant strategy equilibrium. In a game, each player can have any number of possible strategies. One strategy strictly dominates another strategy if the player is always better off under that strategy no matter what other players do. If one strategy strictly dominates every other possible strategy a player could take, that strategy is a strictly dominant strategy. We have a dominant strategy equilibrium when all players play a strictly dominant strategy. Now let's look at the most famous game in game theory, the Prisoner's Dilemma. There are two prisoners, prisoner 1 and prisoner 2, and they each have a choice. They can testify against the other, or they can keep quiet. If they both keep quiet, they both get off with a light sentence, which I'll represent with a payoff of 2. Prisoner 1's payoff is on the left, prisoner 2's is on the right. If they both testify, they both get a moderate sentence. I'll represent the moderate sentence by a payoff of 0. Right about now, keeping quiet is looking like the best option, but there's more to this game. If one testifies and the other keeps quiet, the one who testified will get off scot free, and the one who kept quiet will get an extremely harsh sentence; they'll throw the book at him. Think about this game for a moment. Keeping quiet looks like a pretty good option if both prisoners could promise not to testify. But these prisoners only care about their own self-interest. So, both prisoners may tell the other they pinky swear not to testify, but they won't keep that promise. If prisoner 2 keeps quiet, prisoner 1 is better off testifying. If prisoner 2 testifies, prisoner 1 is better off testifying. Testifying is a dominant strategy for both players, so both testifying is the dominant strategy equilibrium. The prisoner's dilemma comes up in all sorts of situations. For instance, instead of prisoners our players could be, say, oil companies. If both set a high price they can sell for a high price, but each one has an incentive to undercut, in which case he will capture the entire market. The equilibrium outcome is for each company to charge a low price. The prisoner's dilemma isn't the only game with a dominant strategy equilibrium. Here's a more complicated one. Can you tell which strategy is dominant? It's A for player 1, and E for player 2. So the dominant strategy equilibrium is A, E.
Views: 426759 The Economics Detective
Game Theory: The Science of Decision-Making
 
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With up to ten years in prison at stake, will Wanda rat Fred out? Game theory is looking at human interactions through the lens of mathematics. Hosted by: Hank Green ---------- Support SciShow by becoming a patron on Patreon: https://www.patreon.com/scishow ---------- Dooblydoo thanks go to the following Patreon supporters -- we couldn't make SciShow without them! Shout out to Kevin Bealer, Justin Lentz, Mark Terrio-Cameron, Patrick Merrithew, Accalia Elementia, Fatima Iqbal, Benny, Kyle Anderson, Mike Frayn, Tim Curwick, Will and Sonja Marple, Philippe von Bergen, Chris Peters, Kathy Philip, Patrick D. Ashmore, Thomas J., charles george, and Bader AlGhamdi. ---------- Like SciShow? Want to help support us, and also get things to put on your walls, cover your torso and hold your liquids? Check out our awesome products over at DFTBA Records: http://dftba.com/scishow ---------- Looking for SciShow elsewhere on the internet? Facebook: http://www.facebook.com/scishow Twitter: http://www.twitter.com/scishow Tumblr: http://scishow.tumblr.com Instagram: http://instagram.com/thescishow ---------- Sources: https://www.khanacademy.org/economics-finance-domain/microeconomics/nash-equilibrium-tutorial http://levine.sscnet.ucla.edu/general/whatis.htm http://assets.cambridge.org/97805213/61774/sample/9780521361774ws.pdf https://www.youtube.com/watch?v=qcLZMYPdpH4 http://link.springer.com/chapter/10.1007/978-1-349-20181-5_1 http://www.gametheory.net/dictionary/Game.html Image Links: https://en.wikipedia.org/wiki/John_Forbes_Nash_Jr.
Views: 1675040 SciShow
Game theory: Two key principles for winning negotiations | Kevin Zollman
 
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f you want to be an expert negotiator — or even a savvy game theorist — you must master one thing. Patience. Kevin Zollman, a professor at Carnegie Mellon and one of the leading game theorists in America today, offers us some insight into how to gain the upper hand when it comes to negotiating, well, just about anything. Game theory comes in handy in a whole range of activities, from buying a car to asking for a raise. Zollman even goes as far to tell us not only how to attain negotiating power but how to sustain it, by simply telling the other other party to "take it or leave it." Read more at BigThink.com: http://bigthink.com/videos/kevin-zollman-take-it-or-leave-it-how-to-control-a-negotiation-like-a-game-theorist Follow Big Think here: YouTube: http://goo.gl/CPTsV5 Facebook: https://www.facebook.com/BigThinkdotcom Twitter: https://twitter.com/bigthink Game theorists have spent a lot of time analyzing various some models of negotiation. The idea is that you take what feels like a complex interaction, distill it down to it’s very simple elements and then you model it using the tools of game theory. One of the things that game theorists have found is that in negotiation, especially in negotiations where we’re debating how to divide up some resource—classic example in game theory is dividing up a pie, but it could be anything, like money or some time with a toy, or anything where we have to decide how to divide it up. Game theorists have discovered a couple of central principles that make a big difference to who does better in those negotiations. One of the critical things is how patient you are, how willing you are to stay and continue to negotiate. So if I come in in a rush to a car dealership and I say “I need a car right now,” everyone knows that the car dealer is going to try and take advantage of the fact that you need a car right now and say, “sorry, we can’t give you a discount.” But if you come into a car dealership and you say “I don’t need a car anytime soon… if you give me a good deal today I’ll take it, but if you don’t I’ll leave, maybe I’ll come back tomorrow, maybe the next day, maybe a month later,” then you’ll get a better deal. So patience is very important. If you’re trying to win in a negotiation you want to try and find ways to make it so that you are more patient than the other person—that is you have less to lose from letting the negotiation drag out than does the person you’re negotiating with. So don’t wait until the last minute to buy a new car, don’t run into the bosses office right before you need that big raise. Always choose situations where you just suggest it. Say “No urgency, but I can come back later.” By doing that you create this situation where the other person can’t take advantage of your impatience, they can’t give you a deal that is effectively a “take it or leave it” deal. Another important thing in negotiation that can lead to better outcomes for you is: you always want to be in the position to be able to offer take it or leave it deals to the other person. So if you can say to somebody else “here’s the deal, take it or leave it,” now they’re put in a position where they take it or they get nothing. Now it’s tricky, of course, because I can say to you “take it or leave it,” but that doesn’t mean that it really is that way. So by creating situations where it really is a take it or leave it situation, that can help you, but it’s also nerve-racking and dangerous so it’s a strategy that you have to be very careful about. But if you can be in a situation where you can offer somebody a true take it or leave it deal, that can often times improve the outcomes of the negotiation for you.
Views: 44407 Big Think
The Economics of Dating: How Game Theory and Demographics Explain Dating in D.C. (Jon Birger)
 
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Using a combination of basic economic principles, demographics, game theory, and number crunching, Jon Birger explains America’s curiously lopsided dating and marriage market among single, college-educated, looking-for-a-partner women. Birger investigates not only the consequences of this unequal ratio of college-educated men to women on dating but also a host of other social issues. View the full event here: http://www.cato.org/events/economics-dating-how-game-theory-demographics-explain-dating-dc
Views: 11413 The Cato Institute
Game Theory Explained in One Minute
 
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You can't be good at economics if you aren't capable of putting yourself in the position of other people and seeing things from their perspective, you just can't. Game theory helps you do just that. Whenever you're involved in situations in which the outcome depends not only on your actions but on the actions of other participants as well, game theory is all about helping you figure out what the best approach is based on what the other (presumed to be rational) actors are more likely to do. Please like, comment and subscribe if you've enjoyed the video. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: https://www.patreon.com/oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942 iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0 My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970 iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265 Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty Last but not least, if you'd like to follow me on social media, use one of the links below: https://www.facebook.com/oneminuteeconomics https://twitter.com/andreipolgar https://ro.linkedin.com/in/andrei-polgar-9a11a561
Views: 130110 One Minute Economics
Game Theory in Operation research USING mini max principle,odds method,dominance method in HINDI
 
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Game Theory Of Operation Research, You will get the answers of all your important questions for solving Game Theory problem. This video is about game theory or game problem used by the business organisations as a tool to understand the strategies of there competitors. This game theory was developed from the nature of games played in the world . As a player of game you want to grow and beat the competitors so you make a beating strategy in the same way business organisations used it to beat there competitors available in the market. So in simple words, GAME THEORY IS A TECHNIQUE USED BY BUSINESS AND OTHER INSTITUTIONS TO BEAT THERE MARKET COMPETITORS, they used this to understand there strategy and in the basis of that strategy they develop there own strategies. This video will contain three methods of game theory: 1. Minimax principle. 2. Odds method. 3. Dominance method. I hope this video is helpful for you to understand this concept. Please like my video , share it with your friends and also subscribe my channel for your future learnings. Thanks. JOLLY Coaching. game theory game theory in operation research game theory in hindi game theory by kauser wise game theory by kauserwise game theory in urdu game theory in hindi game theory by jolly game theory by jolly coaching pure strategy game mixed strategy game mix strategy game pure strategy game in hindi mix strategy game in hindi jolly coaching solved example of game theory game theory in or game theory by dominance method of game theory graphic method of game theory equal game method of game theory how to solve game theory how to solve game theory problem in hindi game theory prblem gaming theory game theory gaming method game theory in hindi by jolly coaching lecture on game theory game theory lecture zero sum game theory two sum game theory dominance method graphic method equal game method sub game method minimax principal maxmin principal minimax and maxmin principal maxmin and minmax principal maxmin and minmax principal of game theory solved question on game theory problem questions of game theory game theory introduction game theory basics basic concept of game theory introduction of game theory game theory jolly jolly coaching how to in hindi by game theory solved numerical example in hindi GAME theory game theory by kauserwise game theory by kauser wise in hindi solve example in game theory solved example of game theory game theory in operation research game theory operation research in hindi game theory game theory in hindi with solution game theory in or operation research game theory in hindi game theory in operation research game problem game theory by kauserwise
Views: 152368 JOLLY Coaching
Game Theory #2||Dominance Property||Pure & Mixed Strategy||in Operations Research||by Kauserwise
 
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Here is the video about Game theory - Dominance property with Pure strategy and Mixed strategy In operations research, in this video we have solved the problems for Pure strategy and Mixed Strategy using Dominance property in Game theory, In that we have seen What is dominance property, what is Dominance property for row reduction, What is dominance property for column reduction, What is average method for column reduction and row reduction, etc...hope this will help you to get the subject knowledge at the end. if you like this please like, comment, share and subscribe. Thanks and All the best. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 195585 Kauser Wise
Game Theory: Candy Crush, Designed to ADDICT
 
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Become a Theorist! ► http://bit.ly/1qV8fd6 More Gamer Psychology! ► https://www.youtube.com/watch?v=MyUC_28HIvA&index=3&list=PLOl4b517qn8ihfb6g9YbrfFkcDAXpMaQO Mobile gaming is EVERYWHERE. Candy Crush, Clash of Clans, Total Conquest, Dungeon Gems, and while other games sit on the shelves collecting dust, we're spending our time swiping at tiles. WHY? Why are we so addicted to these games? The truth involves brain chemistry in a way you would NEVER expect! Check out some more of our awesome video game content: Game Theory: https://www.youtube.com/playlist?list=PL35FE5C4B157509C9 Game Exchange: https://www.youtube.com/playlist?list=PLCBEC827914127AA3 Digressing and Sidequesting (DSNQ): https://www.youtube.com/playlist?list=PLOl4b517qn8jve_YolaxYuADuzzT3EHXP
Views: 6137745 The Game Theorists
Game theory lessons - Introduction to Game theory
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Game theory introduces the concept behind game theory. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Strategy module table of contents: MBA in a Box: Introduction 1. What does the course cover? Section: 2 Strategy: An Introduction 2. The role of Strategy and what makes a Strategy successful 3. The difference between Corporate and Business Strategy 4. The importance of the Mission, Vision, Goals, and Values statements Section: 3 Strategy: The industry lifecycle model 5. The four stages of the industry lifecycle model - An introduction 6. The strategic importance of the industry lifecycle model 7. The Introduction stage - A new industry is born 8. The Growth stage - An industry in its expansion phase 9. The Maturity stage - An industry at its peak 10. The Decline stage - An obsolete industry Section: 4 Strategy: Porter's Five Forces model - The competitive dynamics in an industry 11. Michael Porter's Five Forces model 12. The threat of new entrants 13. The threat of substitute products 14. The intensity of current competition 15. The bargaining power of suppliers 16. The bargaining power of clients 17. Porter's Five Forces framework applied in practice Section: 5 Strategy: Game Theory - Studying the interaction between multiple parties 18. An introduction to Game Theory 19. Zero-sum games - approaching situations with a win-lose perspective 20. Non-zero-sum games - considering both cooperation and confrontation 21. Tobacco companies - a real-life example of Game Theory application Section: 6 Strategy: Focusing on the inside of a business 22. Focusing on the inside of a business - An Introduction 23. A company's lifecycle model - what should be done at different stages Section: 7 Strategy: Acquiring a competitive advantage 24. The quest for a competitive advantage - An Introduction 25. The importance of building a sustainable competitive advantage 26. The role of resources and capabilities 27. Acquiring an actual competitive advantage Section: 8 Strategy: The three main competitive strategies 28. The three main competitive strategies 29. Cost leadership - sell cheap 30. Differentiation - be different 31. Niche (Focus) strategy - find your niche market 32. The danger of hybrid strategies Section: 9 Strategy: Corporate growth strategies 33. The types of growth opportunities companies pursue 34. Organic growth - building a solid foundation 35. Inorganic growth - leveraging M&A transactions 36. Horizontal integration 37. Vertical integration Section: 10 Strategy: The SWOT analysis framework 38. An introduction to SWOT analysis 39. SWOT analysis in practice - Starbucks -------------------------------- What happens in the real business world in practice is that the decisions made by one firm depend on the decisions made by the other companies in the industry. The Game theory framework allows us to model these interactions. Game theory could be considered the science of competitive strategy. It is a tool that allows us to explore decision-making situations, where the choices made by one party have repercussions for the other parties. The decision-making situations are called games, while the individuals and groups are called players. Game theory studies human and corporate interaction, cooperation, and conflict reactions in a competitive situation. There are two types of games – cooperative and non-cooperative.
Views: 2960 365 Careers
40. Basics of Game Theory: Normal Form Games
 
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In this video, I demonstrate how to solve 2x2 games for the pure strategy Nash equilibria. I give two examples: (1) The Cartel Competition game, which has the same structure as the Prisoner's Dilemma, and (2) The Battle of the Sexes, which is a coordination game. For a list of videos and links to these videos (organized by topic), check out the Intromediate Microeconomics video web page: http://blog.thisyoungeconomist.com/p/learn-microeconomics.html This video goes along with my textbook, "Intromediate Microeconomics," which is available for purchase ($18 for an E-book with solutions) at: http://www.lulu.com/cookson
Views: 36882 intromediateecon
7. Game Theory
 
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MIT 15.S50 Poker Theory and Analysis, IAP 2015 View the complete course: http://ocw.mit.edu/15-S50IAP15 Instructor: Bill Chen Guest Bill Chen discusses Cepheus, explains regret minimization, Counterfactual Regret, and improvements, and the extension of computer solutions to other games including big bet and multi-player games. License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
Views: 34758 MIT OpenCourseWare
1. Introduction: five first lessons
 
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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. We learn that we should never choose a dominated strategy; but that rational play by rational players can lead to bad outcomes. We discuss some prisoners' dilemmas in the real world and some possible real-world remedies. With other plausible payoffs, our game is a coordination problem and has very different outcomes: so different payoffs matter. We often need to think, not only about our own payoffs, but also others' payoffs. We should put ourselves in others' shoes and try to predict what they will do. This is the essence of strategic thinking. 00:00 - Chapter 1. What Is Strategy? 02:16 - Chapter 2. Strategy: Where Does It Apply? 02:54 - Chapter 3. (Administrative Issues) 09:40 - Chapter 4. Elements of a Game: Strategies, Actions, Outcomes and Payoffs 21:38 - Chapter 5. Strictly Dominant versus Strictly Dominated Strategies 29:33 - Chapter 6. Contracts and Collusion 33:35 - Chapter 7. The Failure of Collusion and Inefficient Outcomes: Prisoner's Dilemma 41:40 - Chapter 8. Coordination Problems 01:07:53 - Chapter 9. Lesson Recap Complete course materials are available at the Yale Online website: online.yale.edu This course was recorded in Fall 2007.
Views: 663080 YaleCourses
Intro to Game Theory
 
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Presents an introduction to solution concepts in game theory. Describes how to find dominant strategies, eliminate dominated strategies, and find Nash equilibria. Describes how to find mixed strategy equilibria, and contains a brief introduction to sequential games.
Views: 8554 Katherine Silz-Carson
Game Theory and Oligopoly: Crash Course Economics #26
 
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Would you like to play a game, Dr. Falken? Actually, this episode isn't really about games, or Matthew Broderick, or Thermonuclear War. But enough with the long references to 1983's best movie, War Games. Today Jacob and Adriene are going to teach you about Oligopolies, which are kind of like the monopolies that we talked about last week, except with more companies involved. Then we'll get to the games, or rather, the game theory. Which is all about how companies try to compete with each other in the real world. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 650727 CrashCourse
Game Theory Basics - 1
 
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#Operations #Research #Math #Statistics #Game #Theory #Saddle #Point #Minimax #Maximin #Value # #FreeStudy Game Theory Basics: Game theory is a type of decision theory in which one’s choice of action is determined after taking into account all possible alternatives available to an opponent playing the same game, rather than just by the possibilities of several outcome results. Game theory does not insist on how a game should be played but tells the procedure and principles by which action should be selected. Thus it is a decision theory useful in competitive situations. Game is defined as an activity between two or more persons according to a set of rules at the end of which each person receives some benefit or suffers loss. The set of rules defines the game. Going through the set of rules once by the participants defines a play. Properties of a Game 1. There are finite numbers of competitors called ‘players’ 2. Each player has a finite number of possible courses of action called ‘strategies’ 3. All the strategies and their effects are known to the players but player does not know which strategy is to be chosen. 4. A game is played when each player chooses one of his strategies. The strategies are assumed to be made simultaneously with an outcome such that no player knows his opponents strategy until he decides his own strategy. 5. The game is a combination of the strategies and in certain units which determines the gain or loss. 6. The figures shown as the outcomes of strategies in a matrix form are called ‘pay-off matrix’. 7. The player playing the game always tries to choose the best course of action which results in optimal pay off called ‘optimal strategy’. 8. The expected pay off when all the players of the game follow their optimal strategies is known as ‘value of the game’. The main objective of a problem of a game is to find the value of the game. 9. The game is said to be ‘fair’ game if the value of the game is zero otherwise it s known as ‘unfair’. Operations Research (OR) MBA - MCA - CA - CS - CWA - CPA - CFA - CMA - BBA - BCOM - MCOM - CAIIB - FIII - www.prashantpuaar.com
Views: 95042 Prashant Puaar
Dominance Method of Game Theory(Problems in solving game theory using dominance method)
 
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Prepare your self for any competitive exam from this books:- 1. Quantitative aptitude : http://amzn.to/2sDwYdi 2. Reasoning : http://amzn.to/2twhfwL 3.English Language : http://amzn.to/2sSX9yW 4. General awareness : http://amzn.to/2twaGKM click the above link to get a the best ever selling books in India for preparing competitive exams. This video is on DOMINANCE METHOD of game theory which will help you to solve the difficult problem of game theory by using dominance method. Dominance method is used to reduce the pay off matrix, the process of reduction continue till we get 2*2 matrix. Procedure for reduction "IS EXPLAINED IN THIS VIDEO" I have already uploaded the full concept of game theory but this video is on problems for using the dominance method. Link for full concept on game theory:https://youtu.be/LV7TLjIFBYY. THANKS, JOLLY Coaching. dominance method,dominance method of game theory,dominance rule,solving game theory by using dominance method,dominance method in hindi,solved example of dominance method,dominance method in game theory,explain the dominance principle,how to solve game theory,game theory,game theory in hindi,DOMINANCE METHOD IN OPERATIONS RESEARCH,DOMINANCE METHOD IN HINDI,game theory operation research in hindi,how to solve dominance method in game theory. how to solve game theory in operation research using dominance method in hindi.
Views: 94173 JOLLY Coaching
Game theory #1||Pure & Mixed Strategy||in Operations research||Solved problem||By:- Kauserwise
 
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Here is the video about Game theory with Pure Strategy and Mixed Strategy - In operations research, in this video we have solved a problem on Pure strategy and Mixed Strategy with some basic terminologies and necessary information about Game theory, What is Player in Game theory, What is Strategy in Game theory, What is Pure strategy and What is Mixed strategy in game theory, What is Payoff matrix in game theory, What is MiniMax properties and What is Maximin property in game theory, what is saddle point in game theory, What is Value of the Game in game theory and Two persons Zero sum game in game theory in simple manner, hope this will help you to get the subject knowledge at the end. if you like this please like, comment, share and subscribe. Thanks and All the best. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 236122 Kauser Wise
D.8 Subgame equilibrium | Game Theory - Microeconomics
 
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Learn more: http://www.policonomics.com/subgame-equilibrium/ This video shows how to look for a subgame perfect equilibrium. We start by explaining what subgames are, then look for a Nash equilibrium, and finally look for the subgame equilibrium. Related videos: -Repeated games: https://www.youtube.com/watch?v=Q1IiVdnLW0E -Nash equilibrium: https://www.youtube.com/watch?v=5Kkz0feflSE Related articles: -Nash equilibrium: http://www.policonomics.com/nash-equilibrium/ -Game theory: http://www.policonomics.com/game-theory/ Thank you for watching! http://www.policonomics.com Learn, and enjoy!
Views: 40548 Policonomics
Game Theory: Gaming is BROKEN! ...What Comes Next?
 
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Pokemon Are Going EXTINCT! ►► https://goo.gl/pUEkbk Super Mario BETRAYED?! ►► https://goo.gl/NpsRVz SUBSCRIBE to Catch all the Theories! ► http://bit.ly/1qV8fd6 In the modern age of gaming, it seems like indie games are king. AAA games, on a whole, just aren’t as good as the far cheaper and more challenging games emerging from indie creators. Well it turns out that this could’ve easily been predicted because it’s all happened before – and in Art no less! That’s right, Loyal Theorists, the stuffy world of Art can reveal the exact phases of how gaming has progressed, and what will come next! SUBSCRIBE for Every Theory! ► http://bit.ly/1qV8fd6 Hang out with us on GTLive! ►► http://bit.ly/1LkSBnz More THEORIES: The Pokedex is FULL OF LIES! ►► https://goo.gl/1sGoXL We SOLVED Zelda’s Timeline! ►► https://goo.gl/8UdEmL Super Mario Odyssey’s GIANT Problem! ► https://goo.gl/GZjdz6 The Final FNAF Theory Begins! ►► http://bit.ly/2lIYJRX The FINAL FNAF Theory Solved! ►► http://bit.ly/2i6h6fn How Bendy Will END! ►►► https://goo.gl/hGeBMo Check out some more of our awesome video game content: Game Theory ►► http://bit.ly/1zz3t7E Culture Shock ►► http://bit.ly/1sw7aZ8 The SCIENCE! ►► https://goo.gl/GFK9EV
Views: 3107938 The Game Theorists
MaxiMin & MiniMax Principles - Pure Strategy Problems(Solved) in game theory - Operations Research
 
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In this video tutorial we will solve pure strategy problems in game theory. Pure strategy problems in game theory have a saddle point which we can find out by using the MaxiMin and MiniMax approach. We will solve 2 numericals based on pure strategy. Full Operational Research Playlist - https://www.youtube.com/watch?v=-Wm2ItRS3GE&list=PLIY8eNdw5tW_UuFLy_vUP2pXNIHls2Pwd Simple Snippets Official Website - https://simplesnippets.tech/ Simple Snippets on Facebook - https://www.facebook.com/simplesnippets/ Simple Snippets on Instagram - https://www.instagram.com/simplesnippets/ Simple Snippets on Twitter - https://twitter.com/simplesnippet Simple Snippets Google Plus Page - https://plus.google.com/+SimpleSnippets Simple Snippets email ID - [email protected] For More Technology News, Latest Updates and Blog articles visit our Official Website - https://simplesnippets.tech/
Views: 102 Simple Snippets
Game Theory: World of Warcraft will SAVE the Economy
 
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Become a Theorist! ►► http://bit.ly/1qV8fd6 Free HuluPlus Trial! ►► http://www.huluplus.com/matpat We've talked before about how incredibly addictive World of Warcraft is. But one thing we haven't mentioned is how the game is secretly training the some of the greatest economic thinkers in history. Business school? MBA? Forget that! Play a couple hundred hours of WoW and you'll be able to solve some of the world's most difficult financial issues. This video explains how! Check out some more of our awesome video game content: Game Theory: https://www.youtube.com/playlist?list=PL35FE5C4B157509C9 Game Exchange: https://www.youtube.com/playlist?list=PLCBEC827914127AA3 Digressing and Sidequesting (DSNQ): https://www.youtube.com/playlist?list=PLOl4b517qn8jve_YolaxYuADuzzT3EHXP
Views: 3869189 The Game Theorists
Introduction to Game Theory | Examples
 
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Includes, - introduction to game theory - pure strategy games - mixed strategy games - the concept of dominance in two player zero-sum games. Playlist: https://www.youtube.com/playlist?list=PL34t5iLfZddtKi93_8Sd0KwwuABmgwbDS
Views: 38220 Bharatendra Rai
Game Theory Basics - 2 Saddle Point
 
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#Operations #Research #Math #Statistics #Game #Theory #Saddle #Point #Minimax #Maximin #Value # #FreeStudy Game Theory Basics: Two-person, zero-sum game A game with only two players (player A and player B) is called a ‘two-person, zero-sum game’, if the losses of one player are equivalent to the gains of the other so that the sum of their net gains is zero. Two-person, zero-sum games are also called rectangular games as these are usually represented by a payoff matrix in a rectangular form. Number of activities The activities may be finite or infinite. Payoff The quantitative measure of satisfaction a person gets at the end of each play is called a payoff Payoff matrix Suppose the player A has ‘m’ activities and the player B has ‘n’ activities. Then a payoff matrix can be formed by adopting the following rules  Row designations for each matrix are the activities available to player A  Column designations for each matrix are the activities available to player B  Cell entry Vij is the payment to player A in A’s payoff matrix when A chooses the activity i and B chooses the activity j.  With a zero-sum, two-person game, the cell entry in the player B’s payoff matrix will be negative of the corresponding cell entry Vij in the player A’s payoff matrix so that sum of payoff matrices for player A and player B is ultimately zero. Value of the game Value of the game is the maximum guaranteed game to player A (maximizing player) if both the players uses their best strategies. It is generally denoted by ‘V’ and it is unique. Saddle point A saddle point of a matrix is the position of such an element in the payoff matrix, which is minimum in its row and the maximum in its column. Procedure to find the saddle point  Select the minimum element of each row of the payoff matrix. Write them in a new column besides the matrix and mark them with circles wherever they are in the matrix. From the column of the minimum values, find out the maximum value and mark it with circle. This value is known as “Maximin” value.  Select the maximum element of each column of the payoff matrix. Write them in a new row below the matrix and mark them with squares wherever they are in the matrix. From the row of the maximum values, find out the minimum value and mark it with square. This value is known as “Minimax” value.  If their appears an element in the payoff matrix with a circle and a square together then that position is called saddle point and the element is the value of the game. In other words, if the “Minimax” value and the “Maximin” value are the same, then it is the saddle point. Solution of games with saddle point To obtain a solution of a game with a saddle point, it is feasible to find out  Best strategy for player A (i.e. the strategy with “Maximin” value)  Best strategy for player B (i.e. the strategy with “Minimax” value)  The value of the game The best strategies for player A and B will be those which correspond to the row and column respectively through the saddle point. * If Maximin value = Minimax value = V, then the game is strictly determinable, otherwise not * If Maximin value = Minimax value = V = 0, then the game is 'FAIR', otherwise it is not fair. Operations Research (OR) MBA - MCA - CA - CS - CWA - CPA - CFA - CMA - BBA - BCOM - MCOM - CAIIB - FIII - www.prashantpuaar.com
Views: 136408 Prashant Puaar
33. Evolutionary Game Theory: Fighting and Contests
 
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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 "strategies" played by each group within a population can be inferred. While oftentimes these games are too simplified to apply directly to actual examples in nature, they are still useful models that help convey important concepts. 00:00 - Chapter 1. Introduction 03:58 - Chapter 2. Background to Game Theory 09:49 - Chapter 3. The Hawk-Dove Game 21:43 - Chapter 4. The Prisoner's Dilemma 29:18 - Chapter 5. Contextual Biological Examples 40:48 - Chapter 6. Conclusion Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Spring 2009.
Views: 20104 YaleCourses
Game Theory: The SECRET Psychology of Pokemon GO!
 
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SUBSCRIBE to Catch 'em all! - Theories that is ► http://bit.ly/1qV8fd6 Missed Pokemon Go Part 1? Catch it NOW! ►► http://bit.ly/GTPgo1 Humans are POKEMON! ►► http://bit.ly/PokeHuman Pokemon Go might be dominated by Team Mystic, but how do the teams break down for you loyal theorists? What do your teams say about you? I'm digging deep to uncover some of the underlying psychological trends among players in Pokemon Go. Join the Theorists! ►► http://bit.ly/1qV8fd6 Twitter: @MatPatGT Instagram: @MatPatGT Facebook: facebook.com/GameTheorists GAME THEORY MERCH! Equip it HERE ►► http://gametheory.spreadshirt.com/ Other Pokemon Theories: SOLVING Raticate's DEATH! ►► http://bit.ly/GTraticate Pokemon Multiverse EXPLAINS ALL! ►► http://bit.ly/GTpokeverse Nintendo Theories: BEWARE Link's Hookshot! ►► http://bit.ly/GTHookshot Can Bullet Bill kill you? ►► http://bit.ly/1lu41Lo Luigi's SECRET Identity! ►► http://bit.ly/LuigisID Business email: [email protected]
Views: 4814838 The Game Theorists
Practical Game Theory
 
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Presented at PAX East 2013 on Saturday on the Tabletop Theatre, our 22nd PAX panel/lecture, we discuss a variety of game theory concepts and terms from the perspective of practical use as players of games. Being familiar with basic concepts like "cooperation" or "utility," coupled with an extended study of the "toy" games that actually exist as subgames within your games, you will be able to form more powerful heuristics for making good decisions. We touch ever-so-briefly (and with a degree of oversimplification) on Combinatorial Game Theory, but ask the audience to attempt a sort of "deconstruction" of the class game Nim in order to arrive at some of the same basic principles. A list of "game theory games" http://en.wikipedia.org/wiki/List_of_games_in_game_theory Richard Garfield's book - Characteristics of Games http://www.amazon.com/Characteristics-Games-George-Skaff-Elias/dp/026201713X GeekNights http://www.frontrowcrew.com
Views: 37193 Rym DeCoster
GAME THEORY DOMINANCE METHOD l BEINGGOURAV.COM
 
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iF YOU LIKE OUR VIDEO ON DOMINANCE RULE IN GAME THEORY THEN SUBSCRIBE OUR CHANNEL. The principle of dominance in Game Theory (also known as dominant strategy or dominance method) states that if one strategy of a player dominates over the other strategy in all conditions then the later strategy can be ignored. A strategy dominates over the other only if it is preferable over other in all conditions. The concept of dominance is especially useful for the evaluation of two-person zero-sum games where a saddle point does not exist. Generally, the dominance property is used to reduce the size of a large payoff matrix. Dominance Rule 1. If all the elements of a column (say column r are greater than or equal to the corresponding elements of any other column (say column s ), then rth column is deleted from matrix. In other word, player B will never use strategy corresponding to Column r because he will lose more by selecting such strategies. 2. If all the elements of a row (say row r ) are less than or equal to the corresponding elements of any other row (say row s), then rth row deleted from the matrix. In other word , player A will never use strategy corresponding to row r because he will gain less by selecting such strategies. 3. If any row or column is less than the Average of any other rows or columns then row less than and equal to average or column greater than and equal to average deleted. Useful video for BBA, MBA, M.COM , B.COM STUDENTS OF DIFFERENT UNIVERSITIES. Thanks and Regards Team BeingGourav.com
Views: 4907 Gourav Manjrekar
Principles of Micro - Game Theory - Part 2
 
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Discussion of the prisoner's dilemma, Nash equilibrium, dominant strategies, and more!
Views: 388 Matthew Rousu
CVEN1701 Environmental Principles and Systems - Pre-Lecture Video: Game Theory
 
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CVEN1701 Environmental Principles and Systems Pre-Lecture Video: Game Theory Featuring Prof Stuart Khan
Views: 65 UNSWelearning
Big Game Theory Hunting: The Peculiarities of Human Behavior in the InfoSec Game
 
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In this session, I will examine traditional game theory and propose why behavioral game theory should take its place in the philosophy of defense. Next, I'll review the first principles of game theory, through the lens of behavioral game theory, which empirically measures how humans actually behave in games, rather than assumes they will behave coldly rational. By Kelly Shortridge Full Abstract & Presentation Materials: https://www.blackhat.com/us-17/briefings.html#big-game-theory-hunting-the-peculiarities-of-human-behavior-in-the-infosec-game
Views: 2364 Black Hat
Game Theory and Negotiation
 
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Delivering the first Friedman Forum of the 2015–16 academic year, Hugo F. Sonnenschein lectured University of Chicago undergraduates on John Nash’s work on game theory, which included theories of bargaining. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Game Theory Dominance
 
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Pure Strategy - check for dominant strategy
Views: 27871 Ed Dansereau
Nick Spero talks to Frederick Blackburn about Game Theory
 
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Circus Maximus: Nick talks to Frederick Blackburn of Blackbird 9’s Trading Posts about how to apply game theory principles to how our world is being ruled by a small cabal and how we can cooperate to counteract the plans of our opponents and enact our own. http://www.blackbird9tradingposts.org/ http://www.circusmaximusshow.com/ http://www.renegadebroadcasting.com/ http://renegadetribune.com/ http://whiteresistance.org/ http://www.safrpsa.org/ http://www.hellstormdocumentary.com/ http://thegreateststorynevertold.tv/ http://questioningtheholocaust.com/ http://www.holocausthandbooks.com/ The Nordic Resistance Movement: SWE: https://www.nordfront.se/ NOR: https://www.frihetskamp.net/ FIN: http://www.vastarinta.com/ DEN: http://www.nordfront.dk/
Views: 692 Herr Nordstorm
Office Hours: Game Theory
 
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This video uses game theory to solve a simple problem. Bob and Al are magicians. They’ve agreed to only perform one show per week and each earn $10,000. But what if, in an attempt to earn more money, they cheat and perform more often? Are they better off? Let’s uncover the Nash equilibrium. ----------------------------------------------------------------------------------------- Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Principles of Microeconomics Course: http://bit.ly/2yDZaQ2 Ask a question about the video: http://bit.ly/2hwjHhL You've reached the end of Microeconomics. Test your knowledge with the exam! http://bit.ly/2hu2OrB You've completed Micro! Move on to Macro now: http://bit.ly/2xIy8ca Help translate this video: http://bit.ly/2xxM0nv
Beautiful Game Theory, Beautiful Economics | Ignacio Palacios-Huerta | TEDxUDeusto
 
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How to test economic theories and document novel human behavior? How to gain deep insights into sports? The economic approach to human behavior extends over many areas previously considered to other fields, including many aspects of sports. In this talk, Ignacio Palacios-Huerta shows that understanding economic ideas gives unique perspectives into the world's most popular sport. It also shows that, in turn, soccer offers often startling insights into game theory and economics by shedding light on universal principles in important, interesting and useful ways. With a real passion for Economics, Ignacio has studied and taught in some of the most prestigious universities around the world, including Chicago, Stanford, Brown and London School of Economics, where he actually conducts research on Game Theory. Due to his extraordinary research on this field, he has been recently appointed to Jakiunde, the Basque Academy of Science. Being one of the most outstanding Spanish economists, he is also a great fan of football, being advisor of Athletic Club of Bilbao. Because, as he says, economics can help football and football can help economics. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
Views: 872 TEDx Talks
How Game Theory Solves Tough Negotiations: Corporate Tax Cuts, Nuclear War, and Parenting
 
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I want something from you. You want something from me. How will we act out those agendas in a strategic situation? Unravelling and understanding this scenario is how game theorists make a living. Economist Roger Myerson, who co-won the Nobel Prize for his foundational work on game theory, defines it as "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers," and while the theory was born in the field of economics, it by no means stayed there. Today, game theory can be applied to everything from biology and international relations, to interpersonal relations like friendship and parenting. Here, philosopher and game theorist Kevin Zollman applies the science of strategic thinking to three questions: how can a parent get a kid to clean their room, how can we reduce the number of nuclear warheads in the world, and most pertinently in America at this moment: How would a game theorist respond to the Trump administration's corporate tax cuts? Kevin Zollman and Paul Raeburn are the authors of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids . Read more at BigThink.com: http://bigthink.com/videos/kevin-zollman-how-to-solve-tough-negotiations-with-game-theory Follow Big Think here: YouTube: http://goo.gl/CPTsV5 Facebook: https://www.facebook.com/BigThinkdotcom Twitter: https://twitter.com/bigthink Transcript: So game theory is the science of strategic thinking. The idea here is that any time that you’re interacting with another person who has their own interests and is trying to achieve their own ends, they are trying to do the best they can given what they want, you’re trying to do the best you can given what you want, and so you’re interacting in a strategic situation. One of you is trying to achieve what you want, the other is trying to achieve what they want. Game theory is a mathematical theory that attempts to make sense of how it is that people interact in these strategic situations. It was originally developed in economics in order to try to understand economic behavior like why people buy certain things or why they’re willing to work for certain wages, but later on it was expanded and applied to a variety of different situations including biology, international relations, and even interpersonal relations like friendships and parenting and family relations. So one of the big problems that parents constantly confront when they’re raising two kids is that the kids will sometimes compete with one another in order to get out of doing family chores, leaving them to the siblings. But the problem is, of course, the other kid, the sibling or friend, is going to figure that out too and so will try and shirk as well. In the end the parents are left for a messy room, the kids are upset with one another, and nobody is happy. One of the things that game theory has tried to deal with are these types of situations—they’re sometimes called social dilemmas or prisoner’s dilemmas. These are situations where each individual has a private incentive to do something, but when both of them follow their private incentives the group or the two siblings are worse off than if they had ignored their private incentives and just worked together. One of the seminal discoveries in this area is that by teaching kids or countries, or anyone for that matter, that you can break up that interaction into a bunch of little, small interactions where you can cooperate with the other one—but just on condition that the other one cooperated with you before. You can change a bad social dilemma into a positive interaction. This was put to its biggest use during the Cold War. Reagan and Gorbachev negotiated the START treaty with one another, and one of the big problems that they had is: how can you be sure that while you’re eliminating nuclear weapons your adversary is also eliminating nuclear weapons? So rather than saying, “We’re just going to get rid of some large percentage of our nuclear weapons and hope that the USSR would do so as well,” they broke up the interaction into a bunch of little, tiny ones. So the USSR would eliminate just a few nuclear weapons, then the U.S. would eliminate just a few nuclear weapons. They would check, and then they would go onto the next stage, and then each would eliminate a few more, and they would go onto the next stage. This process of taking a big interaction and breaking it down into little, small parts is one that we can use all over our lives, including in parenting. So rather than Mom or Dad coming into the room and saying to the kids, “Clean up the room,” and then leaving, Mom and Dad can come up and say, “Here’s the deal: each of you take turns putting away one toy, and you make a deal with one another: ‘If you put away your toy I’ll put away mine.’”
Views: 29917 Big Think
Game theory lessons - Prisoner's dilemma
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Game theory discusses the prisoner's dilemma and Nash's equilibrium. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Strategy module table of contents: MBA in a Box: Introduction 1. What does the course cover? Section: 2 Strategy: An Introduction 2. The role of Strategy and what makes a Strategy successful 3. The difference between Corporate and Business Strategy 4. The importance of the Mission, Vision, Goals, and Values statements Section: 3 Strategy: The industry lifecycle model 5. The four stages of the industry lifecycle model - An introduction 6. The strategic importance of the industry lifecycle model 7. The Introduction stage - A new industry is born 8. The Growth stage - An industry in its expansion phase 9. The Maturity stage - An industry at its peak 10. The Decline stage - An obsolete industry Section: 4 Strategy: Porter's Five Forces model - The competitive dynamics in an industry 11. Michael Porter's Five Forces model 12. The threat of new entrants 13. The threat of substitute products 14. The intensity of current competition 15. The bargaining power of suppliers 16. The bargaining power of clients 17. Porter's Five Forces framework applied in practice Section: 5 Strategy: Game Theory - Studying the interaction between multiple parties 18. An introduction to Game Theory 19. Zero-sum games - approaching situations with a win-lose perspective 20. Non-zero-sum games - considering both cooperation and confrontation 21. Tobacco companies - a real-life example of Game Theory application Section: 6 Strategy: Focusing on the inside of a business 22. Focusing on the inside of a business - An Introduction 23. A company's lifecycle model - what should be done at different stages Section: 7 Strategy: Acquiring a competitive advantage 24. The quest for a competitive advantage - An Introduction 25. The importance of building a sustainable competitive advantage 26. The role of resources and capabilities 27. Acquiring an actual competitive advantage Section: 8 Strategy: The three main competitive strategies 28. The three main competitive strategies 29. Cost leadership - sell cheap 30. Differentiation - be different 31. Niche (Focus) strategy - find your niche market 32. The danger of hybrid strategies Section: 9 Strategy: Corporate growth strategies 33. The types of growth opportunities companies pursue 34. Organic growth - building a solid foundation 35. Inorganic growth - leveraging M&A transactions 36. Horizontal integration 37. Vertical integration Section: 10 Strategy: The SWOT analysis framework 38. An introduction to SWOT analysis 39. SWOT analysis in practice - Starbucks -------------------------------- Most real-world situations are not zero-sum games, with a clear optimal choice. In a zero-sum game, both parties have a preferred outcome. They want to win, and there are no doubts. A non-zero-sum game is different, because it allows participants to choose whether they want to cooperate or to compete. Remember, the two players can have common and opposing interests at the same time. The most classic example of a non-zero-sum game is the prisoner’s dilemma. Here, two players must decide what they will do, and the outcome for both depends on their own actions. So, we have two criminals arrested, suspected in a robbery. Police officers hold the two criminals in different interrogation rooms and offer them the following options: If one of them confesses the crime and the other one doesn’t, the one who’s confessed walks away free, while the other one receives a 10-year sentence. If both confess, they will receive a 5-year sentence each. And if neither one confesses, they will both walk away free. The optimal global solution is to deny confessing; however, given that prisoners cannot communicate, they will choose a solution optimizing their own utility. John Nash, the famous Nobel prize winner portrayed in the movie “A beautiful mind” came up with a solution known as Nash’s equilibrium. He proved that, if a player in the context we described earlier has chosen a strategy and other players can’t benefit by changing their strategies, then we would have an equilibrium.
Views: 2485 365 Careers
Guide to Game Theory - mixed-strategy Nash equilibrium
 
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In this installment, 2003 Jeopardy! College Champion Keith Williams discusses the concept of a mixed-strategy Nash equilibrium. This occurs when players choose from their options randomly, with a calculated probability of selecting a given option. You'll also learn how to make a quasi-random selection using just your wristwatch. Full transcript is available here: http://wp.me/p4737U-ud Improper wagering in Final Jeopardy! has cost countless players. In this series, Keith explains how to calculate the correct wager with as little math as possible. Subscribe: http://thefinalwager.co Like: http://facebook.com/thefinalwager Follow: http://twitter.com/thefinalwager
Views: 6441 The Final Wager
AP Micro Crash Course: Game Theory & Nash Equilibriums
 
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Need more help studying for AP Microeconomics? Go to http://www.learnerator.com/ap-microeconomics and get access to hundreds of questions and detailed written/video explanations to help you in your test prep! All easy and medium questions are free! Start now at http://www.learnerator.com/ap-microeconomics This Learnerator video walks you through how to solve Game Theory questions for the AP Microeconomics exam. We walk through four examples from actual AP exams to learn how to solve 2x2 games, how to identify dominant strategies, and how to identify Nash Equilibriums. We also cover what you should do when asked about the influence of an outside payment/tax on payoffs.
Views: 12471 Learnerator
Guide to Game Theory - minimax and backward induction
 
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2003 Jeopardy! College Champion Keith Williams uses chess to illustrate the game theory concepts of minimax and backward induction to find the optimal play in a sequential zero-sum game. Improper wagering in Final Jeopardy! has cost countless players. In this series, Keith explains how to calculate the correct wager with as little math as possible. Subscribe: http://thefinalwager.co Like: http://facebook.com/thefinalwager Follow: http://twitter.com/thefinalwager
Views: 11448 The Final Wager
Game Theory 101 MOOC (#30): Soccer Penalty Kicks
 
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Game Theory 101: The Complete Textbook on Amazon: http://amzn.to/1SlRTtg http://gametheory101.com/courses/game-theory-101/ A soccer penalty kick provides a compelling reason to study games generally. In this lecture, we consider optimal strategies when the striker is more accurate toward one side than another. How should the players optimally play? However, the more interesting question is how does optimal play change as the striker's accuracy changes? We cover this topic in the next lecture on comparative statics. But before we can get that far, we must must first know the solution to this game.
Views: 18982 William Spaniel

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