Read "7 Easy Ways to Use Game Theory to Make Your Life Better," by Duronio. Reflect...

Read "7 Easy Ways to Use Game Theory to Make Your Life Better," by Duronio. Reflect on your personal life experiences. Discuss a instance in your life in which you used game theory to earn or save money. Did you realize you were implementing game theory in the situation? How did the outcome benefit you at that moment and in the future?

Expert Solution

Game theory is basically an interaction between two or more people which would be guided by a set of rules and regulations, and outcome arrives.

Game theory can be useful in both economic as well as day to day life situations.

A game theory can consist of game, players, strategy, information, rules and regulations and finally the outcome is arrived.

Two major assumptions can be:

The players should be rational and have knowledge.
There should be maximization which mean there should be more pay-offs.

A classical example of Game theory on real life can be Investing money in Stock Market. No , I did not realize that I was implementing game theory in this situation.

This can be an example of game theory because when we invest money we know either we will make more money or loose. We become a player but this is futuristic and we do not know what will happen. Similarly the company also needs investors like us for their investments to grow. We would not know what decision company will make which will lead to stock prices going up or down and in the same manner, company also does not know what would be our decision. Hence this can be a perfect and a classical example of Game theory in real life.

Rahul Sunny answered 2 years ago

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