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Transcript of Game Theory
many common games John Von Neuman Born December 28, 1903
Died February 8, 1957
As a child he was exceptionally gifted. He excelled in all academic subjects and had a photographic memory. His interest in game theory extended from his interest in poker. (although he was not very good) He wrote his first paper at the age of 18 and is now know as the man who first developed and popularized game theory. What Is Game Theory Game theory attempts to predict the
behaviors of a strategy in any environment.
For Example, in the world competing stores would both lower prices in order to bring in more sales than the other place. When in
fact, both stores would have been better off
to keep their prices relatively similar and
at a higher cost. as well as in many real world situations. Born June 13, 1928
As a child John Nash was always different.
He was very bright and his parents pushed him in school. Because he had no friends, Nash spent most of his time reading and experimenting. John Nash was accepted to both Harvard and Princeton University. He
later decided to attend Princeton. John Nash Maximin Minimizing your opponents
maximum payoff. Minimax Maximizing your
minimum payoff Game Theory Game Theory In 1950 Nash wrote a two page paper on how humans react in a competitive situation. He said we think like this: "I think he will do X because
he thinks that I will do Y,
so I should do Z. There are courses in university
in which the main focus is game
theory. They focus on teaching
students how businesses use
this strategy to rise above their
competition. Payoff Matrix Zero Sum Games A zero sum game is when one players loss results in another players gain. (win +1, loss -1) When a loss and a win are added together, the sum would equal zero.