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Game theory is a framework that uses mathematical concepts and models to conceive solutions to social situations. It is a strategy that enhances optimal decision-making of competing players in a strategic setup. Sociologists and political thinkers often apply game theory in real-world scenarios. The initial game theory only majored in "zero-sum games."

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It meant that the game participants could either gain or lose. However, a lot has changed today. Game theory has grown into a major logical decision-making tool used by humans and computers.

Game theory assignments require critical thinking and mathematical skills. Several students do not possess these qualities and often wonder, “Who can do my game theory assignment for me?” We are at the service of all students struggling with their game theory assignments. We have assembled a proficient team of professionals specializing in this subject. Our game theory stalwarts are knowledgeable in both economics and mathematics. You can trust them with your assignment and expect well-written solutions that are in line with your instructions.

Terms used in game theory

You must be acquainted with these terms before you can handle a game theory assignment. These terms are used by researchers and scientists all around the globe. Hence, uniformity:

  • The game: This is a series of situations whose results are determined by the actions taken by two or more actors involved in making decisions.
  • The players: They can also be referred to as actors or decision-makers. Players are the human entities who make key decisions in the game
  • Strategy: A strategy is the complete action plan that is undertaken by the players in any circumstance of the game.
  • Payoff: This is a quantifiable gain that the decision-makers or players derive from reaching a given result or outcome
  • Equilibrium: It is the point of time in the game when the actors have made their decisions in the game and a result has been reached
  • Information set: It is the information that is available to the players at a point in time in the game. The information set is often used when the game has a sequential component

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Stuck with a technical prisoner’s dilemma task? Pay us to craft your game theory assignment solution

The prisoner's dilemma is one of the most common concepts used in game theory. It is a decision analysis paradox where two criminals acting in their self-interest fail to produce an optimal result. The typical scenario of this concept is that two parties choose to protect themselves at the expense of the other party. For this reason, they both find themselves in a worse situation than if they had combined forces in the decision-making process. Should you find this concept too intricate to understand, you can pay for game theory assignment solutions right here.

Typical prisoner’s dilemma scenario

The police have arrested two suspects for a crime and placed them in two different interrogation rooms within the police station. The suspects have no means to communicate with each other. The interrogator separately tells them the following:

  • The charges will be dropped if you agree to confess and testify against the other suspect who does not confess.
  • If you fail to confess and the other suspect does, you will be convicted and the prosecutor will seek maximum punishment for the crime
  • If both of the suspects confess, they will both serve a sentence of two years
  • If none of the suspects confess, they will be sentenced to one-year imprisonment and charged with misdemeanors

The suspects are left in a catch 22 situation wondering what to do. This is the essence of this concept. To solve this problem, you can construct a payoff matrix to find the dominant strategy for each suspect. A dominant strategy is the one that produces the best payoff for an actor regardless of the strategies employed by other actors. We are well-versed in constructing payoff matrices. Choose us if you have decided, “I want to pay someone to do my game theory assignment.”

Application and real-world examples of the prisoner’s dilemma

There are several examples of prisoner’s dilemma in the economy. The outcomes can either be harmful or beneficial to the economy and society. Some of these examples include:

  1. The tragedy of the commons: An economic problem where every consumer has an incentive to use a resource. There is no way of limiting the consumption of anyone. This will lead to over-consumption of the resource, to the detriment of everyone. Finding a way to cooperate would be better for the consumers.
  2. The behavior of cartels: Members of a cartel can work together to restrict goods from reaching the market to keep the price high. However, if one of the members of the cartel decided to cheat on the group by increasing the number of goods reaching the market, the price will drop and the incentive received will be lower.
  3. In business, a classic example of a prisoner's dilemma would be two competitors battling it out in the marketplace. For instance, in the United States, there is a fierce rivalry between PepsiCo and Coca-Cola. Several case studies have been formulated by business schools to highlight this rivalry. Consider a case where Coca-Cola has decided to reduce the price of its famous soft drink, PepsiCo will be forced to follow suit to retain its market share. This may lead to a major profit drop for both companies.

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Our clients have at their disposal highly qualified and experienced game theory assignment solvers

Are you looking for an adept game theory assignment solver to assist you with your task? You are already on the right platform. We have hired the best game theory experts who are well-versed in the various types of game theories. It will be in your best interest to hire our tutors to assist you with your assignment if you do not understand these theories and concepts:

Sequential game

In a sequential game, the players make decisions in turns or at different times. Meaning, the players who make their moves later in the game have more information about the actions of other players who made their moves earlier. Also, the player who makes the first move can influence the game. Understanding sequential game theory is important in economics. Modeling business situations as sequential games allow decision-makers to consider aspects that support better forecasting and planning.

Symmetric and asymmetric games

Symmetric games allow players to make the same decisions or movers. Symmetry only exists in short-term games. The decision made in symmetric games is determined by the strategy and not the players. On the other hand, asymmetric games allow players to adopt different strategies. In this game, the move that is beneficial for one player may not be equally beneficial to another player. The moves made in asymmetric games depend on both the different strategies implemented and the players

A mixed strategy Nash equilibrium

In a mixed strategy Nash equilibrium, at least one actor is using a randomized strategy. Also, no actor can improve their expected payoff by introducing an alternative strategy. A pure strategy Nash equilibrium is a type of Nash equilibrium where no player randomizes. For randomization, the expected payoff must be equal. Computing a mixed strategy is often associated with some elements of confusion. It is why we recommend that you hire our game theory assignment helpers.

The other topics that we can also assist you with are:

Game theory strategies ( dominant, dominated, pure and mixed, maximin strategy, and minimax strategy)Cooperative and non-cooperative game theoriesThe dictator gameThe battle of the sexes game
The ultimatum gamePublic good gameStability of zero-sum gamesConstant sum and non-zero-sum games
Simultaneous move gamesNormal form and extensive form gamesMixed behavioral strategiesSubgame perfection

Kuhn’s theorem
T-partial games and strategies
Stochastic stability

Bernoulli function

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