Game Theory Assignment: Everything You Need to Know Before Writing It25 Jan, 2020 944
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All you need to know about Game theory before writing an assignment
Would you believe if we say that “Any economic situation can be defined by the outcome of a game between two players?” This is what Von Neumann stated in his book collaborated with economist Oskar Morgenstern. Yes! We are talking about the popular “Game Theory”.
Today, this is a topic of everyone’s interest. Even students pursuing a course in economics, mathematics, logic, systems science and computer science have a keen interest in learning this. Though this is quite interesting, when it comes to writing an assignment, they prefer seeking online Game theory assignment help rather than doing on own to avoid the chances of making mistakes.
In this blog, we shall look into Game Theory and things about it, that one must know before writing an assignment on this.
What is Game Theory?
Game theory is a study of mathematical models that can assist in decision making. It addressed zero-sum games originally. But with time, it has become the umbrella term for understanding the science of decision making of human and artificial or machine intelligence.
Now, in the above definition, you came across a word- zero sums. Many of you might be unaware of it. And there are also more such games related to this theory. So, let us look into different game types that can be useful for your assignment writing task.
What Are the Different Game Types?
Here we listed below some game types that can be quite helpful in writing an assignment on this topic.
Cooperative game is also known as coalition game. It is a game that has two competitors only in case they both bind any possibility of external enforcement of cooperative behaviour.
In contrast to this, non-cooperative games are the ones played by individuals alliance with self-enforcing. Self-enforcing are the restrictions or rules that are set by a party on itself.
Symmetric games are the ones in which the pay-off is depended on the other strategies of the game rather than getting implied by other players.
Unlike symmetric games, in asymmetric games, each individual is set by different strategies. No two players follow the same strategy except for some rare cases that you can know by seeking our experts’ help.
Zero-sum games is a mathematical representation of a situation where two players play a game. Now, the catch here is the utilities with which the players are playing the game are limited. That is the loss or gain of one player affects the loss or gain of others.
In other words, suppose a player took a piece of cake. If it is a bigger piece that the fixed size, then there may be another player whose size of cake piece decreases automatically. This is known as a zero-sum game.
Simultaneous games are the ones in which players move simultaneously, and the other player would be aware of the earlier player’s actions.
Divergent to this, in sequential games, the players move one step after the another in a sequence unaware of the previous step of the earlier player.
More such games related to this theory include:
- Perfect/imperfect information
- Combinatorial games
- Discrete and continuous games
- Infinitely long games
- Evolutionary game theory
- Differential games
- Stochastic outcomes
- Mean-field game theory
- Pooling games
So, these were the different games related to game theory. Now, before you wonder what we have to do with such games, let us tell you that this game theory has an important role to play in your academics. Yes, may it be mathematics, computer science or economics, you surely would get to write an assignment on this topic. But, don’t worry since our experts have brought you this blog on the guide to write a game theory assignment. So, let’s take a look at it.
How to Write a Game Theory Assignment?
Since the game theory is such an important topic, it can affect your grades badly. So, to ensure you score well in your academics, follow the below-mentioned guide without missing any of them.
1. Make the right choice
The topic you choose is not just the cover of your document. It can be a hook to keep your reader interested until the end of your work.
2. Read more
Before you begin with writing, conduct in-depth research on the topic and its relevant areas to collect enough information to complete your work on time.
3. Start with a bang
Your introduction is more effective than you think. So, give your document a kick-start with a great introduction that is intriguing.
4. Make the right move
You must know when it is the right time to make the next move. It means you should have a clear picture about when to start a paragraph or end, or transition between them in a smooth manner.
5. Make an impactful conclusion
Now, before your reader goes, leave him with an impactful conclusion that can summarize your assignment and keep your reader still connected to your work.
Lastly, before you forward your document, check for plagiarism and proofread to avoid any mistakes. Follow these simple steps and see how your document leaves your professor awestruck. If by any chance you are wondering what is the purpose behind this topic, then the succeeding section can clear all your doubts.
What Are the Applications of Game Theories?
Here, we shall look into the different applications of this concept to understand it’s importance in academics.
1. Description and modeling
The main purpose of using game theory is to describe and represent the behaviour of humankind. Scientists believe that human behaviour can be predicted by these games by analyzing the actions they perform in certain situations. But at times, these predictions go wrong, and their behaviour goes completely deviated from this model.
2. Prescriptive or normative analysis
It deals with the best response of a player to the actions of other players when both are in Nash equilibrium to each other.
3. Economics and business
It deals with the competing behaviour of interacting agents. It has a wide range of applications that include auctions, bargains, fair division and a lot more.
4. Project management
In project management, game theories are applied to understand the decision-making process of investors, managers, etc.
5. Political science
Here, application of game theory facilitates in political economy, public choice, war bargain, social choice theory and a lot more.
These are the top 5 applications of game theories. You know in-depth information on this by seeking help from our experts.
This was all a student should know before proceeding with the writing task. So, if you are writing an assignment on this, you can refer to this blog and understand the topic and then draft a perfect document.
If you do not possess the required writing skills for impressing your professor, seek our assignment writing service and let our writers deliver you with a document of top-notch quality.
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