ECON 2CC3 Study Guide - Midterm Guide: Distributed Computing, Industrial Engineering, Codex Corbeiensis I
8 Jan 2015
School
Department
Course
Professor
Document Summary
Game theory is the study of problems of con ict and cooperation among independent decision-makers. Game theory deals with games of strategy rather than games of chance. The ingredients of a game theory problem include: players (decision-makers, choices (feasible actions, payoffs (bene ts, prizes, or awards, preferences to payoffs (objectives) We need to know when one choice is better than another for a particular player. Problems in game theory can be classi ed in a number of ways. In dynamic games, the order of decisions are important. Is it ever really possible to implement static decision-making in prac- 1department of industrial engineering, university at buffalo, 301 bell hall, buffalo, ny 14260- Duplication of this work is prohibited without written permission. This document produced january 19, 2005 at 3:33 pm. In a non-cooperative game, each player pursues his/her own interests. In a cooperative games, players are allowed to form coalitions and combine their decision-making problems.
