Game Theory Essay
Game theory happens to be a branch of applied mathematics which is used in social science. Its main objective is to capture behaviors but in this case mathematically in strategic situations where the success of an individual in choice making is largely dependent on the choices that are made by other people. This is the base or the main theme that underlies in the game theory. This is the same theme that is supposed to be articulated in this article. The author ignores the fact that game theory come in different types and only expresses one type of game theory specifically zero sum and non zero sum game theory.
He concentrates only on this type of game theory leaves the reader with little or no information concerning the other types of game theory. (Miller, 2003) However, in the article, the author only concentrates on only one aspect of game theory and goes ahead and offers solutions or recommendations to that one aspect that he deals with. Game theory has gone ahead and included other aspects in the line of business other than the competition. This competition was only of one individual based on the expense of the other person which was commonly referred to as zero sum games.
These happen to be the only issue that is covered here by the author of this article. I can therefore say that this article fails to present all the aspects which are involved or which matters as far as game theory is concerned. I can therefore say that there is more to game theory and that the recommendations proposed may not be that effective even if implemented. Some of the recommendations may therefore be said to deviate from the core subject that is under discussion. (Barnett, 1995) However this does not mean that the article is null and void.
The author in the article gives a very good example of the basic concept and the meaning of game theory. By use of the example of the two people in the article, the author paints out a clear picture of the principle of game theory and what is involved. It is clear to understand even to a person who does not have an idea of what game theory is. Further, the author gives recommendations or rather rules of what to do so that one may emerge successfully in any business that he or she may be conducting. (Barnett, 1995)
The author may be said to fully address the issue to the game theory on the context that he is viewing form; that of competition. In addition, unlike in the other cases where the recommendations that are set are usually impractical, here the author sets the recommendations that are practical in real life and which if they are implemented effectively will help the two organizations succeed in their sole objective of increasing their sales or rather profits. (Miller, 2003) The author also familiarized the reader with all the factors that maybe of essence incase one is involved in the business and experiencing these types of problems.
He covers a larger area other than only the game theory gives recommendations which if they are implemented, they result to implementation of the recommendations of game theory. In conclusion, even though the author fails to deal with the other types of game theories, he has completely discussed this type of game theory giving all the recommendations required which would even be applicable to the other game theories if they are implemented as directed. ? References Barnett, F. (1995). Making Game Theory Work in Practice. Wall Street Journal , A14. Miller, J. (2003). Game Theory at Work. New York: McGraw-Hill Publishers.
Subject: Game theory,
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 8 October 2016
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