GMS 402 Chapter Notes - Chapter 10: Root Mean Square, Nash Equilibrium, Game Players
16 Nov 2016
School
Department
Course
Professor
Document Summary
Game theory: a general framework to aid decision making when agents playoffs depends on the action taken by the other players. A description of the frequency of play or interaction. Simultaneous move game: game in which each player makes decisions without the knowledge of the other players decisions. Sequential move game: game in which opened player makes a move after observing the other players move. One shot game: simply means that the players will only play the game once. One shot games is important to managers when making decisions in an environment of interdependence. Repeated game: game in which the same players interact to make decisions more than once. Strategy: in game theory, a decision rule that describes the actions a player will take at each decision point. Normal form game: a representation of a game indicating the players, their possible strategies, and the playoffs resulting from alternative strategies.
