Game theory is found in

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.

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# Game Theory

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