Solving Game Theory Problems

Solving Game Theory Problems-62
On the contrary, sequential games are the one in which players are aware about the moves of players who have already adopted a strategy.However, in sequential games, the players do not have a deep knowledge about the strategies of other players.

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Figure-2 shows the decision tree for the present situation: In Figure-2, organization A takes the first step that would be followed by organization B later on.

In case, organization A does not enter the market, then its payoffs would be zero.

Let us understand the application of simultaneous move games with the help of an example.

Suppose organizations X and Y want to minimize their cost by outsourcing their marketing activities.

Let us take the example cited in prisoner’s dilemma to understand the concept of cooperative games.

In case, John and Mac had been able to contact each other, then they must have decided to remain silent.These games consist of a tree-like structure in which the names of players are represented on different nodes.In addition, in this structure, the feasible actions and pay offs of each players are also given.Normal form games refer to the description of game in the form of matrix.In other words, when the payoff and strategies of a game are represented in a tabular form, it is termed as normal form games.On the other hand, extensive form games are the one in which the description of game is done in the form of a decision tree.Extensive form games help in the representation of events that can occur by chance.Therefore, their negotiation would have helped in solving out the problem.Another example can be cited for pan masala organizations.This creates a situation of dilemma among pan masala organizations.However, the government restricts the advertisement of pan masala on televisions.

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