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Game Theory - Essay Example

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These elements are players, actions, information, and payoffs (Tadelis, 2013). In this scene, outlaw Vizzini, talks to the masked man, who challenged him to the game of…
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Game Theory
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Game Theory

Download file to see previous pages... Vizzini was regarding himself as clever, and the masked man as a fool (Reiner, 1987). This speech also denotes the action. The action under consideration is putting poison into the goblets. This speech also contains acting on the basis of information.
For instance, Vizzini talks about a clever man, having knowledge that a fool will take what has been given to him. It is by acting on this knowledge that Vizzini denotes that he cannot take the wine that is in front of him. Information is also depicted when Vizzini further goes on to denote that the masked man had knowledge that he was not a great fool (Reiner, 1987). It is important to understand that in any game, players must always act from a point of knowledge. That is, they must have information regarding their competitors and opponents. Finally, there is a payoff in this speech. The payoff under consideration is choosing wine that is not poisoned. That is the reason as to why Vizzini tells that he cannot choose the wine in front of him, because it is likely that the wine has some poison. To win, Vizzini had to choose wine which did not contain poison, which was the payoff in this game (Reiner, 1987).
It is correct to denote that the consequence of our choices normally depends on the results of an action that emanates from us choosing to do something else. This concept is correct, and prove comes from my personal experiences. For instance, there was a period in time, when I was to engage in a game of wits with my friends. The game under consideration was to test our intelligence level by answering aptitude question. We were three, and we gave each other some two days for preparation. However, because of my belief in myself, I failed to prepare and revise for possible questions that make up an aptitude test. The result was that I was unable to beat off my friends, who were able to garner more than 70% of the scores. I only managed a mere 50% of the scores. ...Download file to see next pagesRead More
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