How Game Theory Strategy Improves Decision Making

How Game Theory Strategy Improves Decision Making. (2013, November 11). Investopedia. https://www.investopedia.com/articles/investing/111113/advanced-game-theory-strategies-decisionmaking.asp

This website looks at different types of common games that can occur and are studied in game theory. It starts by looking at the prisoner’s dilemma, deadlock (which is similar to prisoner’s dilemma but the most benefit is the dominant strategy), Cournot competition, a coordinated game (players earn more payout if they select the same action), the centipede game, traveler’s dilemma, battle of the sexes, dictator game, peace and war, and volunteer’s dilemma.

• The website defined a number of different games as well as showing examples of the games. Most of the other sources that I have found have only looked at one or two games, usually coming back to the prisoner’s dilemma.
• It was helpful to see other models of how individuals can interact, especially battle of the sexes, that was on that I remembered being mentioned with Game Theory, but couldn’t find it again.

Seeing more than just the basic prisoner’s dilemma game was useful, since it showed the different ways that game theory can work. Most of the examples I have found were only looking at the prisoner’s dilemma since it is one of the simplest games to model.