11/13/2010

Game Theory

  • Game Theory
  • Define: Game is any situation in which one player will only act to maximize his benefit by predicting the behavior of one or more other players. This theory assumes players are rational. The players can analyze possible outcomes, identify paths to the outcomes and choose the actions that result in the best outcome.
  • Apply: This theory is useful to understand conflicts that occur between different communities or within a community. This theory can lead the best rational results which can maximize benefits for all different communities or all community members in a community.
  • Adapt: This theory is adaptable to economics or business field. People are able think about how to maximize their profits by using this theory.

1 comment:

  1. Application: Game theory can be used to understand decisions people will make in certain situations. In SW 611 we learned a lot about game theory and how it plays out at the organizational level. It was helpful in suggesting possible ways for supervisors to handle social justice and “ism” issues within the cases we were studying. For example, there was a case where a boss had to decide how to handle the transition of one of his employees from male to female. We used game theory to model his decision making process and the expected outcomes from each decision and what other decisions that may lead to. It was a great tool in mapping out the whole decisions making process.

    Adaptation: Game theory is an expansive theory that can be used in an array of fields. It would be interesting to see how game theory would address urban planning issues, especially related to land use or environmental decisions. Game theory could be used to make decisions on rezoning of parcels or reconfiguring of comprehensive

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