In class, we have learned about game theory which is when two sides both try to take actions to achieve and outcome that benefits themselves but can vary depending on what the opposite side chooses. One real world example of game theory is a popular game: chess.
The point of chess is to beat the other player by putting the opponent's king into "checkmate" where it can be taken no matter where it is moved. In chess, both players know the rules and how each pieces work. There is also only 3 outcomes: win, lose, or draw. Therefore, this is a non-cooperative example of game theory as each side is trying to win and beat their opponent rather than a cooperative one.
In chess, players must carefully analyze their moves as well as their opponent's. You must predict what your opponent does and act accordingly and vice versa. For example, you must decide whether moving to a certain point or taking a certain piece will give you an advantage or if you must swap pieces with the opponent, whether the swap is worth it. Many players like to set traps so their opponents lose valuable pieces or give up important positioning which is why it is so important for players to be able to analyze their opponent's actions. For example, you might have to decide to take a Rook, one of the best pieces in the game, with a Knight but risk losing your Knight when you could easily take a pawn with no repercussions. Therefore players have to try to avoid traps or sometimes fall into them so they can enact their own plan. This would allow players to create a plan that will allow them to put their opponent into "checkmate" and win.
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This is a great application of game theory strategy in real life. I think your example of deciding whether to move to a point or take a piece is a good way to explain game theory. By guessing and predicting another players move, you can base your move. Like you explained, this can lead to trapping the other player and overall winning the game. This is very similar to the use of game theory in poker. By predicting the other players cards, you can effectively bet or bluff, in attempt to raise the pot and make money.
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ReplyDeleteI really like the ideas you bring up in this blog about game theory. I think it is fascinating how such a complex concept can be reduced to the basic idea that we want to choose the best option in order to succeed. As someone who has played numerous friendly games of chess with friends and family, I can definitely relate to this idea of trying to make the best choice in order to maximize the value of your moves and win the game. It is interesting to know that although we just learned about this concept of game theory, many of us have been practicing this idea throughout or daily lives.
This is a great connection of game theory into the real world. Each player sets their own strategy that will have a win or lose outcome depending on the other players strategy. Something that came to my mind is what occurs if one player changes their strategy mid game. At this point, I think the player who stuck with their strategy, whether it was good or bad would win, for the other player now has to restart, from a worst position. This may be why some companies continue to follow strategies even when they know they are not maximizing success.
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