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Game theory

Game Theory (Strategic Thinking in Everyday Life)

Have you ever been faced with having to live with a decision you made knowing

that had you taken the time to analyze the outcomes you may have made a more

intelligible choice? Most likely the answer to that question was "yes". After

all that is more - or - less is what life is about, a series of choices and the

outcomes we are faced to live with as a result of our decisions. Well your

probably asking yourself "What does this obvious statement have to do with me?".

I'll begin by telling you it has everything to do with you and everything to do

with any situation you may confront from this day forward. After - all life is

but a game and it is our goal to win. The fundamentals of the "Game Theory will

provide us with the basic tools we need to succeed at this game.

What is Game Theory? Simply put, it is the study of rational behavior in

situations requiring interdependence. Wow! That seems like a pretty heavy

statement. Actually it is pretty straight - forward. What is meant by

"rational behavior or interdependance?" Rational behavior in game theory is the

assumption that moral critique aside, the players in the game will act in a way

which provides them with the greatest benefits.. Interdependence is the idea

that what one player does will directly affect the other and vice -versa. By

players I am talking about any two interdependant variables, whether they be

people, countries, animals etc. Game theorist take apart a situation involving

two players and systematically analyze their objectives and their potential

outcomes. In doing so they are able to create models which replicate the basic

motives each player has and diagram the outcomes.. Game theory is something that

to some extent all of us have experience in. Dealing with spouse, co-workers,

business partners, car sales people all involve some sort of relationship of

give and take. So you see, we are not immune to the concepts of game theory. The

theory requires us to understand and practice the art of strategy, and

strategic thinking. Sounds like something we use in chess? Well you are

absolutely right, but these same concepts are used in everday decision making.

Source: Essay UK -

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