Search results “Game theory principles”

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

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.
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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

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
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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

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

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.
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One Minute Economics

Views: 302728
Bill Blaine

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.
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JOLLY Coaching

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
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For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx
For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu

Views: 195585
Kauser Wise

Become a Theorist! ► http://bit.ly/1qV8fd6
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The Game Theorists

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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

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

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

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

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

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.
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Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
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CrashCourse

#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)
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Prashant Puaar

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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.
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how to solve game theory in operation research using dominance method in hindi.

Views: 94173
JOLLY Coaching

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

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

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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!
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Views: 3107938
The Game Theorists

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.
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Simple Snippets

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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:
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The Game Theorists

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

Views: 14567
Ashley Hodgson

#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)
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Prashant Puaar

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

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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.
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The Game Theorists

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

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.
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Views: 4907
Gourav Manjrekar

Discussion of the prisoner's dilemma, Nash equilibrium, dominant strategies, and more!

Views: 388
Matthew Rousu

Views: 32501
Matthew Rousu

CVEN1701 Environmental Principles and Systems
Pre-Lecture Video: Game Theory
Featuring Prof Stuart Khan

Views: 65
UNSWelearning

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

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]

Views: 9601
Becker Friedman Institute at UChicago - BFI

Views: 170893
Bill Blaine

Views: 4046
IIMTS FZE

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

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.
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Views: 12791
Marginal Revolution University

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

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 .
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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

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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

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.
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Views: 6441
The Final Wager

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

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
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Views: 11448
The Final Wager

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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The Headache Paradox: It is scientifically impossible to have a headache, seeing that there are no pain receptors in the brain. Yet we continue to search for answers to what causes a headache, because we all know that headaches do exist. Between a combination of the fact that our brains are roughly nothing more than a highly advanced mass of nerves, and that every function is controlled by signals that our brain sends through our nerves to the rest of our bodies, I think that if we could somehow make our nerves send stronger, more efficient signals at a quicker speed it would have a lot of different results. Including heightened sense (both physical and psychic) moving quicker both running and walking along with arm movement etc. The brain being just nerves would obviously also be effected, resulting in quicker more efficient thinking, which naturally would make us smarter, more observant, and have much sharper reflexes. Some say that is an overly simplified form of how the brain functions, which it is. To them I say make the axons 12-15% wider, resulting in signals being sent much more quickly through the brain. Allowing neurons to create more connections without loss of speed, and the 10,000+ miles of blood vessels in the brain doubling as an additional cooling system for the brain. I could write a book on the cascade of effects that alone causes for people when they are changed in to a real vampire, however for now I will leave it in this simplified form.