Game Theoryis a set of strategic models where hypothetical situations are simulated. The people who are part of the game will have to act in these situations and arrive at situations by making choices. The choice that one of the players makes is dependent on the choice the other players make. This makes Game Theory interesting and easily arrive at solutions in given hypothetical situations.
Game Theory is extensively used in preparing war strategies, political scenarios both national and international, economics, organizations, social psychology, computer science and statistics, etc.
There are a number of games in Game Theory. Some of the most popular are Prisoner’s Dilemma
, which we have discussed in our earlier articles. We shall discuss another concept, i.e. Battle Of The Sexes.
Battle Of The Sexes:
Battle of the Sexes as the name suggests is a hypothetical situation in which a man and a woman are involved. Both of them agree to go on a date and forget the venue they had decided upon. The woman wants to go a concert and the man wants to go to a sport event. There is no way they can communicate and one has to go to the place where the other person is likely to go, i.e.
- Both the man and the woman has 2 choices which are going to the sport event and wait for the woman to arrive or going to the concert and wait for her to arrive.
- The woman also faces the same situation. She can either go to the concert or wait for him there or she can go the sporting event.
- Both the man and the woman are in a dilemma as where to go.
- The rational strategy for both the man and the woman is to comply with the other’s strategy.
In the end the objective of the game is to get the other player comply to your strategy while remembering that if you act too selfish, your partner can always defect, even though they loose. They might be happy of the fact that you also stand to lose relatively more than they do.
This article is in continuation with our previous articles on Economics which include: Prisoners’ Dilemma, Economics Assignment help, Neoclassical Economics, Oligopoly
For more details on Economics you can visit our website at http://www.helpwithassignment.com/economics-assignment-help and http://www.helpwiththesis.com
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