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

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