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Game Theory is a multi-disciplinary approach for studying human behavior. It is used commonly in economics, social sciences, and mathematics. The concept is used mainly by business managers for making intellectual judgments. If you need Game Theory assignment help in Australia, we at BookMyEssay can offer you the best solution.

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Understanding Game Theory

Game Theory is a field of study, which models the interactions between competing players. It deals with mathematical models wherein the actions of players are analyzed who have conflicting interests. This is a scientific way to predict and evaluate the decision-making process used by individuals.

It is a new field of study, however, it has a far-reaching implementation in several subjects like business administration, psychology, economics, and politics. This is a science of logic not just among humans but in computers and animals too.

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It is a game model wherein two players communicate with one another. The actions performed by a player has effects on the results faced not just by him but on the results that other players face. The results of every player are dependent on contingent on the actions taken by the other players. We have tutors who can deliver the best game theory essay writing help on time.

Impact of Game Theory on Business and Economics

Game Theory brought a revolution in economics by pointing out the important problems in the earlier mathematical economic models. The neoclassical economics tried to understand the entrepreneurial anticipation but could not handle an imperfect competition. The theory turned away attention from the equilibrium to the market processes.

Game theory in business is important to model competing behaviors between economic agents. The businesses have multiple strategic choices, which impact the ability for realizing the economic gain. The businesses might face dilemmas including whether to develop new ones or retire the existing products, employ new marketing, and reduces the prices relative to their competitors.

Economists use game theory for understanding the oligopoly firm’s behavior. It can help to predict the outcome while firms engage in some behaviors including collusion and price-fixing.

Kinds of Game Theory

There are several kinds of game theories that are stated in our Game Theory homework help online. The most common ones are cooperative theories and non-cooperative theories. Cooperative game theory says how coalitions and cooperative groups communicate when the payoffs are known. This is the game between the coalition of players instead of between individuals. It questions how the group forms and how the payoff is allocated among players.

Non-cooperative game theory says how rational economic agents engage with each other for achieving their goals. A common game is a strategic game, where only the available outcomes and strategies resulting from the combination of choices are mentioned.

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Importance of Game Theory

Students who study microeconomics are taught game theory. It is a vital topic and it teaches strategies and also provides an insight regarding the way strategies are formed. Game theory is about a game tree, the number of players, and payoffs. In game theory there are two strategies that are stated when you buy assignment help on Game Theory topics as follows:

  1. Single-agent decision theory- It maximizes the expected pay off of an agent and finding an optimal strategy.
  2. Multiple-agent decision theory, wherein the decision of an agent depends on the decision of another agent.

In a dominant strategy equilibrium, the agent undertakes a dominant position irrespective of the decision of some other agent.

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