How game theory will impact in the future
In class, we learned about the definition and different topics regarding to game theory. Game theory is a mathematical theory where one can predict certain situations to come out with the most ideal outcome. One of the game theory concepts we learned was Nash Equilibrium which is a pair of strategies in which each player’s strategy is a best response to the other player’s strategy. Nash Equilibrium(NE) can be utilized with numerous players and tactics. Every game can have one pure strategy NE, one mixed strategy NE, and multiple NE both pure and mixed.
This algorithm can provide effective information to a variety of fields. Any competitive situation or situations with pros and cons can be benefitted by the game theory. By weighing different pros and cons from certain situations, one can find the most effective and beneficial solution.
From the article, Using game theory mathematics to resolve human conflits, we can see several real world examples where game theory can be applied. Recently, a game theory system has been calculated through a super computer where it calculates massive amounts of data and possibilities to output the best solution. One example of utilizing game theory is with “Conservation game”. The player in this situation would be crops and creatures. This project was able to implement environmental and social changes that the world was facing. This algorithm managed the “conflicts between stakeholders with competing objectives”. Despite the fact that game theory has numerous benefits, game theory has negative sides. Game theory tends to find a solution to every problems where not all problems have a solution. For example, climate change isn’t a challenge that requires one solution. These problems with several steps and complex solutions can’t be solved by game theory because humans can only “manage” problems, not fix them.
https://phys.org/news/2022-09-game-theory-mathematics-human-conflicts.html