Game Theory in Operations Research and Decision Making

Partner: Udemy
Affiliate Name:
Area:
Description: The term game represents a conflict between two or more parties .Game Theory may be defined as the body of knowledge that deals with making decisions when two or more intelligent and rational opponents are involved under conditions of conflict and competition. In this course, the students will learn:Concept of GameSaddle PointDominance Rule Modified Dominance RuleOddoment MethodGraphical MethodSub Games MethodAlgebraic MethodProblem FormulationLets discuss some Characteristics of Games1.The number of competitors is finite.2. The player act rationally and intelligently.3. Each player has available to him a finite set of possible courses of action.4. The players attempt to maximize gains and minimize losses.5. The outcome of the game is affected by the choices made by all the players.6. Every participant has the knowledge above the alternatives available to his opponent.7. A game is played when each player chooses his one course of action.8. Every combination of courses of action determines an outcome which results in a gainor loss to each player.9. There exits a set of rules according to which the value of game will be determined.Concepts & Terminology in Game Theory1) Player- Each participant (party) is called a player.2) Play- A play of the game results when each player has chosen a course of action.3) Strategy- A rule or set of rules on the basis of which a player selects his alternative. It refers to the total pattern of choices employed by any player.4) Pure strategy- A pure strategy is a decision always to select the same course of action when a player plays one row all of the time or one column all of the time in case of player 4), he is said to be playing a pure strategy.5) Mixed strategy - Mixed st
Category: Teaching & Academics > Online Education > Game Theory
Partner ID:
Price: 24.99
Commission:
Source: Impact
Go to Course