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Game Theory
A way of thinking about your actions to work to a desired conclusion.
Term | Definition |
---|---|
Rules | the ways of action that are required to participate in a game |
Payoffs | the result of playing a game well |
Matrix | a table of numbers which reflects possible outcomes--like a Punnett Square |
Zero-sum Game | A game where there is only one winner |
Non cooperative Game | each participant in the game works for themselves without cooperation with other |
Cooperative Game Theory | participants work together for their combined self-interest |
Game Theory | a way of looking at human interactions through the idea of a game with rules, ways to play and varied outcomes --it helps us think about ways to complete complex tasks |
strategies | actions that will help you reach a desired payoff |
Act Rationally | to act in your own self-interest or in a way that will benefit you |
Category | When we group similar things together we are putting them in a category |
economics | the science of understanding monetary values or ways of using our energy for a good outcome |
Consequences | events that happen because of failed decision making or through a series of events |