Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Use of Game Theories in real life situations (Games and Strategies - ECON 201) - Essay Example

Comments (0) Cite this document
Oftentimes, we are confronted by the intricacies that lie behind many unpredictable tendencies in the various respects of our society. Sometimes, however, we tend to understand…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful

Extract of sample "Use of Game Theories in real life situations (Games and Strategies - ECON 201)"

Download file to see previous pages These theories provided skeletons of what are seemingly hazy propensities of things. One of these theories is the game theory. Game theory is an instrument that can aid to elucidate and respond to the common problems in the society. Given that games usually expose or are interrelated with the features of real-life situations, they can put forward tactics or approaches for dealing with such conditions. The same with our abilities to comprehend the strategies of a certain player in a game, we can also forecast how an economy, political groups or nations behave in a given circumstance. This study will explore a particular application of Game Theory. This will elaborate on the advantages and benefits of using Game Theory in real-life situations. This will be a reflection of the use of Game Theory on the basis of the researchers’ individual observation of the society and the different disciplines encompassing it and not merely grounded on the existing and known applications that can be recovered from the internet.
Today, the applications of Game Theory are extensive and proliferating. It has already transcended beyond the limits of economics, business and psychology which had been its prime beneficiary for so many years. At the present time, Game theory is already being used in several other disciplines including medicine, computer science, sports, healthcare and even in elections which will be the focus of this study. The basic principles embodied in Game Theory provide means of predicting the prospective outcome of any election, including those which do not provide cues or relative agencies that are helpful in forecasting election results. We present Game Theory by indulging in a game.
We establish the game into different aspects including players, strategies and their causes. Also, we have understood that prior to making any decision, it is imperative that we should choose a certain goal. Similarly, we have studied that we ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Use of Game Theories in real life situations (Games and Strategies - Essay”, n.d.)
Use of Game Theories in real life situations (Games and Strategies - Essay. Retrieved from
(Use of Game Theories in Real Life Situations (Games and Strategies - Essay)
Use of Game Theories in Real Life Situations (Games and Strategies - Essay.
“Use of Game Theories in Real Life Situations (Games and Strategies - Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Use of Game Theories in real life situations (Games and Strategies - ECON 201)

Life Situations Represented through Graphs

...?I would like to present the graph for the monthly cost of electri in a house. The amounts paid in electri bills for the last 10 months are plotted in the graph which has been prepared using MS Excel graph function. The graph for the variation of cost of electricity per month is shown below: Graph 1. Monthly Electricity Bill amount paid in the House for the last 10 months (in $) The graph shows the monthly cost of using electricity in the house from August 2010 to May 2011. The lowest bill amount paid was $28 in September 2010 and the highest amount paid was $49 in December 2010. The total amount paid in electricity bills for the last 10 months was $384, meaning that The average amount of electricity bill...
2 Pages(500 words)Essay

Specific Recommendations for Real-World Situations

...of immediate social environment and the qualities of the people around one. It is found in the study that these perceptions tend to act as the actual guiding principles in ones life over long time periods. Now, a look back into the Kohlberg ‘Just Community’ (as cited in the web article, “Kohlberg’s Theory of Moral Development and Education”) where students get active exposure to real life situations proves how effective such a community will be in providing practical experience in handling the challenges of life through observation. In other words, when students and teachers become partners in the education process where moral and social...
5 Pages(1250 words)Essay

Playing Wii Games to Playing Real Games

...?Playing Wii™ games to playing Real games “Sport is a preserver of health”. Hippocrates “Life, like all other games, becomes fun when one realizes that it’s just a game”. Nerijus Stasiulis These quotes reflect the importance of sports and games in our lives but these quotes never mentioned the nature of the games and sports they talk about. Moreover, did Nerijus and Hippocrates ever think that technology would revolutionize the mode of sports and games they were talking about? Maybe there was no need to describe the nature of sports and games in these quotes. The first quote defines games as a mechanism of having fun in life. However, Hippocrates talks about sports as a preserver of health which is to some extent a serious issue... ...
4 Pages(1000 words)Essay

Virtual life damage real life engage children in physical games in the neighborhood. Prior to children play, the virtual life in children occurs in school where the children no longer visit the library but rather do their homework’s and assignments using the computer. The internet offers all the answers that the students needed hence diminishing the hustles of reading book (Voogt & Gerald 359). This has lowered the seriousness in studies because the students do not commit and equip themselves to reading articles in physical form, which means that these students learning process are virtual and not real. Additionally, research claims that lack of physical exercise and relaxed mode of learning in...
5 Pages(1250 words)Essay

Game Theory

...theory provides a scientific quantitative technique in order to assist players to choose an optimal strategy. As any other well developed theoretical framework, the game theory has also some limitations. This theory is based on the assumption that players are knowledgeable about their own and others’ payoffs but this assumption is not practical always. Technique like mixed strategies that are used to solve games, specifically in case of huge pay-off matrix, are complex and difficult to understand. The game theory cannot be effectively applied to analyzing all competitive...
5 Pages(1250 words)Research Paper

The Theory of Games: Game Theory

...a profit of just $5 million. Both the approaches, i.e. maximax and maximin, lead to the same strategy, i.e. cutting of prices. This is referred to as ‘Dominant strategy game’. However if there is no collusion among the two companies and both of them reduce their prices, then, this is referred to as ‘Nash Equilibrium’. This is defined as, ‘The position resulting from everyone making their optimal decision based on their assumptions about their rivals’ decisions. Without collusion, there is no incentive for any firm to move from this position’ (Sloman and Sutcliffe). The Game theory is not only applicable in economics, but places an important part in...
6 Pages(1500 words)Term Paper

Science Meets Real Life

...Science Meets Real Life Affiliation with more information about affiliation, research grants, conflict of interest and how to contact Hypotheses: 1. What could be the reason for the high rate of absence among the students in band class at Truman and Jackson Middle Schools? 2. Do the band students from both the school have similar symptoms? Based on an examination of the data collected from Truman Middle School, it transpires that one student has been absent as he has been on a family vacation. Rest of the students have absented due to the symptoms of stomach ache. In the same way, the data collected from Jackson Middle School reveals that one student has been absent due to physical injury. The others...
2 Pages(500 words)Essay

Financial accounting theories in a real life

...Financial Accounting Theories in a Real Life Table of Contents Table of Contents 2 3 Introduction 4 Repo 105 and Its Impact 4 Motives of Firms behind Manipulating Their Earnings 6 Need for Financial Accounting Regulations to Prevent Accounting Scandals 8 Conclusion 10 10 References 11 Abstract The report has discussed about the impact of the current accounting cases to the financial world. It has been observed from the analysis of the report that there should be certain strict regulations in order to reduce cases related to misleading financial accounts which ultimately affect the global financial world. Introduction Accounting is known as the universal language relating to business...
8 Pages(2000 words)Assignment

Real life and ideal life

...of trust between the friends is 100 percent (Yager 54). They share secrets, and none of them can reveal those secrets to other people. An ideal friendship is built on respect. Ideal friends respect each other’s opinion and live by it. Ideal friends get angry with each other but are very forging. They do not use the past mistakes of the other parties to judge them in future. Each person embraces the flaws of the party. Ideal friends depend on one another despite the time and situation. In such a friendship, one is sure that they have someone to count on. They have concern for each other. They listen to each other and appreciate the thoughts of their friends. Most importantly, they love one another...
1 Pages(250 words)Admission/Application Essay

Real Life Violence

... Real Life Violence Applying psychological theories to the possible effects of violent video games on a person and how it might desensitize someone from real life violence Introduction There is ample evidence available that violent video games, in some degree of severity, maintain the ability to produce long-lasting impact regarding desensitization to violence. The content and/or duration of the video game play seems to maintain an important factor in whether the child, adolescent or adult figure is affected negatively based on what is witnessed in terms of aggression, bloodshed or hostility as offered by video game developers. This is due to physical changes in the brain that have been measured scientifically when exposed... of...
10 Pages(2500 words)Dissertation
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Use of Game Theories in real life situations (Games and Strategies - ECON 201) for FREE!

Contact Us