You Think Too Fast

Game Theory a la mode

by Alex Hutchins

Game Theory is a branch of mathematics commonly used in economics, political science, and psychology that develops probable outcomes based upon the self-interest decision making of each player.  While it is commonly used in the areas above, it has also been successfully used in politics, business, investments, and education.  Once you know the possible outcomes, then one can make a fairly accurate prediction (based upon the self interests of the players) as to the outcome of the game.  Although, some situations have so many complex variables that mathematical predictions oftentimes do not work.  Additionally, since human being react with irrational behaviors, prediction accuracy is easily curtailed and limited.

“Slow down, you move too fast.
You got to make the morning last.
Just kicking down the cobble stones.
Looking for fun and feelin' groovy.”  

are the lyrics from Simon And Garfunkel’s The 59Th Street Bridge Song, released in 1966 and appeared on the album, Parsley, Sage, Rosemary, & Thyme, and slowing down will improve one’s odds when playing the game along with acting irrationally; although, acting irrational can sometimes be the rational direction to take.

TYPES OF GAMES:

Cooperative or non-cooperative - A game is cooperative if the players are able to form binding commitments. For instance the legal system requires them to adhere to their promises. In non-cooperative games this is not possible.

Symmetric and asymmetric - A symmetric game is a game where the payoffs for playing a particular strategy depend only on the other strategies employed, not on who is playing them. If the identities of the players can be changed without changing the payoff to the strategies, then a game is symmetric.

Zero-sum and non-zero-sum - Zero-sum games are a special case of constant-sum games, in which choices by players can neither increase nor decrease the available resources.

Simultaneous and sequential -  Simultaneous games are games where both players move simultaneously, or if they do not move simultaneously, the later players are unaware of the earlier players' actions (making them effectively simultaneous). Sequential games  (or dynamic games) are games where later players have some knowledge about earlier actions.

Perfect information and imperfect information  - An important subset of sequential games consists of games of perfect information. A game is one of perfect information if all players know the moves previously made by all other players.

Game Theory, no matter what game is played, is based upon the assumption that individuals as well as groups only make decisions that are based one's self interests; therefore one should simply slow down and make the morning last, and it is that irrational, self-expression that will allow you to live life rather than the game.  And, if you really want to play a game, play chess.