In layman’s terms, game theory is the theory that is used by the decision makers to identify solutions for any strategy or issue. But, you are not a layman so here is a proper introduction that you deserve.
Our game theory economics assignment help experts have identified the game theory as a tool that uses the knowledge of a group of people to arrive at a solution for any defined objective.
The game is an explanation of what action the players (decision makers involved) can take in order to fulfil their interests. However, the game does not tell about what action the players will take.
The solution is something which describes the outcome that the action will yield.
What combines this game and the solution is a game theory. The game theory is the tool using which we can identify the best possible solution and the corresponding course of action that the player should take.
In this type of game, there are several groups of players who are competing against each other. You can think of it as a game in which one team is competing with several other teams for a common objective. In economics, our experts use this type of game where there are managerial decisions involved or the economy as a whole is addressed by the leader of the nation.
In this type of game, every player is for their own. For example, in a race where every single individual player is playing only for their own win. The game theory economics assignment experts at My Assignment Services use these games in a situation where there is involvement of one leader, for example, the election of the Prime Minister for a democracy.
If you play Clash of Clans or have played it at some point in time, you will know what this is about. Strategy games are those games in which once you have made a decision, you cannot change it. Every player involved has to do this simultaneously. For example, if you launch some troops, you cannot undo it. Our experts use these games where your assignment asks you to identify the possible outcome of the prisoner’s dilemma.
Extensive games are those games in which you can revise your decision, you can make a decision at any point during the game and every player is free to do so. The economics experts in our game theory economics assignment help online have a deep understanding of the cases which extensive games entertain.
If you have any doubt about the maximum level or security level that surrounds your game, then here is a simple explanation by our experts that will help you.
This theory is useful when the assignment has some complexities. The first that our experts take is assuming the worst case outcome of the game. For example, you could be the U-19 champion of your university but you would be afraid to play against the U-19 champion of a competitive university assuming he will beat you. Our game theory economics assignment help experts use this situation to their advantage and say that the best strategy is to assume the worst and play the game so that the result will generate the least loss to the player. This is significantly different from giving hope. The strategy adopted here to maximise the minimum payoff that can be extracted from the event is called the maximin move. The result derived from this is called maximin value.
The best response will be the one where you get the winning hand. In any game theory assignment help online service, there can be cheating where you get to know the move of the opponent firsthand and make your move accordingly. The best move here will be the move that you made just now. However, our experts know that cheating is not acceptable to your professor and they are experts in the fair game. Here is what they do.
They lay out the entire problem in the form of a matrix and mark the outcomes against each combination of moves with their payoffs. Naturally, no player would want to make a move which generates them a lower payoff than the opponent. Then, identify the best moves of player 1 with respect to player 2 and vice versa. The results generated will be the best response to the particular set of moves.
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