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Game Theory - Essay Example

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In the paper “Game Theory” the author analyzes a knowledge-based technique used in everyday life as a means of devising strategies. The game is mostly used in the field of Economics to ensure that players are able to maximize decisions given a set of choices…
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Game Theory
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Game Theory

Download file to see previous pages... In context, Marx and his wife Anna are faced with critical decisions in their life. Given that their marriage has been on the rocks for a period, each of them separately relies on the game theory as the route towards getting preferable choices in their marriage, which is one of the top techniques to resolve marital problems (Szuchman). In addition to being a couple, the two operate separate but similar businesses, on which they have had fights because of their stiff competition. Their profiled problems start on Valentine’s Day, regarding the gifts they want to buy for each other and even proceed to resolution of their business woes, whose best propositions are determined by the game theory. The couple requires solutions that will salvage their marriage and prosper their businesses using the best strategies.
Scenario 1
Marx wants to buy a comb for Anna this Valentine’s Day so that she can tend to her long hair. On the other hand, Anna would love to buy a wrist strap for her husband’s pocket watch, who has difficulties in keeping time at his place of work. Despite their perfect love for each other, neither has enough money to purchase the gift they would want to give.
We may want to assume quite a different scenario, where the two lovers are in an uncertain short-term relationship and are self-centered. In this perspective, they do not care about each other, but are more concerned on the gains or losses they hope to make in the term of their relationship. ...Download file to see next pagesRead More
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