Want to be notified when a new article is posted? Entere your email here.

Thursday, September 27, 2007

A Website On Game Theory



Like most people with graduate level training in economics, I've had a fairly good exposure to game theory. For those who are unfamiliar with the term, game theory analyzes situations where an individual's actions affect not only their own welfare (i.e. their "payoffs"), but also the payoffs to others with whom they are interacting. The graph above illustrates probably the most well know game-theoretic scenario, known as the Prisoner's Dilemma.

The picture comes from Robert Schenk's site, CyberEconomics. He has a nice section on game theory that's both factually correct and easily understandable here.

Enjoy.

1 comment:

how to clone website said...

Its generally considered and regarded to be so important and one nearly has to give everything well in this regard also by the time there would be lot more things to be done in this regard.