Mathematics is one branch of study that has a wide range of aspects which are not merely limited to calculations. Rather, when this subject is applied to real life, there are a huge number of avenues which it has opened, especially in terms of applied mathematics.
Game theory is one branch of applied mathematics that is mainly used for studying of strategic situations, in which various organizations or even individuals at times, chooses a variety of actions in order to maximize returns.
Apparently speaking this might not be very well understood, however if one checks out the game theory assignment help manual, one will have a fair idea regarding its uses and how it is applied in various branches of study as psychology, political science, economics, biology and computer science among others.
How can we define it?
Game theory quite like a game of poker or cards can be termed as a science of strategies, in which the “players” would take which action that has a logical or mathematical conclusion, to secure the best result for themselves in this array of “games”.
This game is definitely one of interdependence, where if one person wins the other loses out. Clearly, this is the fundamental of business that is carried on in a regular basis. By creating a situation of players, where people are expected to behave rationally, game theorists try to understand behavioural patterns of people when placed in the harsh real world. In this way a comparative analysis can be found, which helps in determining other aspects.
This is a merely general understanding of this subject, but with help of manuals from universityhomeworkhelp.com, students and people who are interested in pursuing this branch of study will get a better idea of this topic.
How is this useful in real life?
Pioneered by John Von Neumann, this is one of those evolving subjects, which has a very important role to play. Most importantly this applies to a wide variety of behavioural patterns which are to be studied.
It’s use in present business situation has increased to such an extent that every organization is trying to make use of this theory. A further description of how it can be used is elaborated in game theory assignment help manual, which is definitely the best fall back option as a starter.
When a company, wishes to take over another institute it thinks as a client and uses game theory. Since this theory can be very well used to judge consumer behavioural patterns, hence it can be used to see the competitive market for that company, decide on the investment bid, if there are any foreign company that wishes to merge with this and finally the profits that the mother company will have in respect to this acquisition. One needs to play games very strategically to gain from any business deal.
In this case, it is very necessary to play well. In an oligopoly market, there is a common base price, which is either acceptable to all the firms, or they have to introduce a lower scale. However, there are other aspects where they can move ahead of their competitors and hence game theory is to be applied. Marketing strategies, auction strategies and other aspects are decided by using these game theory strategies.
With help of this strategy, competition about pricing of products and outcomes post the release of the product can be predicted to a great extent with help of game theory.
To know more on this game theory, one should surely check out game theory homework help for a detailed analysis.
Why students find it difficult:
For students, starting off any new subject within a domain that is slightly branched out from proper studies becomes difficult. This is primarily due to the belief that thing will not work out in the right manner.
How can students are made friendlier with it:
A student needs to be acquainted with a subject before allowing him or her to decide about it. In this case also, students need to spend more time understanding concepts.
In this case, they can surely follow game theory homework help, from where students can get an idea of this branch of applied math and its extensions to other domains.
How can universityhomeworkhelp.com be useful for better understanding?
Hence, to make sure that students get a cheap yet helpful notes to make this topic more interesting and within a grip, the game theory homework help is the best respite.