A Study On Game Theory - 3022 Words

In economics, there are many subfields of study and one that has the most difficulty and importance is the study of game theory. From the beginning of economics, mathematical concepts and analyzing people’s behavior have been tools to determine the choices people will make in a buyer and seller market. The most influential person in game theory is without a doubt John Nash. John Nash came up with the Nash equilibrium, which is used in everyday Intro to Game Theory courses across the United States. However, Nash’s idea for non-cooperative games came about in the mid-20th century, so before then there were many other game theorist who provided their outlook on how to solve complex games. Furthermore, there are many economist that are†¦show more content†¦Hence, Nash’s creation of non-cooperative game theory should be looked upon as game theory’s most brilliant idea ever thought of in economics. On the contrary, the father of economics, Adam Smith, introduction to economic theory by using â€Å"linear algebra on prices and quantities in a vector space of commodity and allocations†, which made him very popular during his time (Myerson). Also, Adam Smith influenced other economist to apply mathematics to their own theories. The Nash equilibrium can be a useful tool to conduct an analysis on incentives in social institutions and also how simplistic the Nash equilibrium can be, and it is obvious to say how astonishing that this concept was not thought of before John Nash. Moreover, the first application of Nash equilibrium in a mathematical model comes from Augustin Cournot. In 1838, Cournot published a book on economics that produced the theory of oligopolistic firms that includes monopolists and perfect competitors. On a side note, Cournot is known for being the founder of oligopoly theory, â€Å"but to give him credit for non-cooperative games would be to confuse its methodology with its general formulation† (Mo rrison). He came up with the oligopoly equilibrium by conducting an analysis on firms operating in aShow MoreRelatedGame Theory Is The Study Of Decision Making Under Competition1289 Words   |  6 PagesGame Theory is the study of decision making under competition. More specially, Game Theory is the study of optimal decision making under competition when one individual s decisions affect the outcome of a situation for all other individuals involved. Game Theory can be broadly classified into four main sub-categories of study: - Classical Game Theory - Combinatorial Game Theory - Dynamic Game Theory - Other Topics in Game Theory As a mathematical tool for the decision-maker the strength of gameRead MoreThe Theory Of Game Theory1616 Words   |  7 PagesGame theory is one to more complexed topics but reveals a clear understanding from different scholars. Don Ross explained that game theory is the study that interacts with the different choices of economics agents which bring forth many different outcomes with the point to the preferences of those agents, where the outcomes in question might have been intended by none of the agents (Ross, 2016). The properties that game theory considers in economic situations include two or more economic actorsRead MoreSocial Learning Theory Developed Its Reputation1228 Words   |  5 PagesSocial learning theory asserts that learning is a cognitive process that takes place in a social context and can occur purely through observation or direct instruction, even in the absence of motor reproduction or direct reinforcement. Famously adopted by Albert Bandura and his colleague s at Stanford University in the 1960’s, the development of social learning theory was revolved around a four step model. These four models included attention (the individual subject must attend to the media as wellRead MoreVideo Games and Sociological Theory Essay600 Words   |  3 PagesVideo Games and Sociological Theory July 22, 2012 Video games have become as pervasive an aspect of our society as television, with many people spending more time playing video games than watching television. There are many perspectives with which to gauge videos games’ effect on society, from a functionalist, conflict or interactionist perspective. (Schaefer, 2011) Each of these sociological theories can provide a different view of video games, how they affect society and the subculturesRead MoreGame Theory Essay1385 Words   |  6 PagesGame Theory Picture if you will a group of people making decisions. The decisions that are made do not have to be significant at all. They have to be just significant to the situation at hand. This concept is considered to mathematicians as Game Theory. Game Theory is broken down into tree different types of games. As stated by Thomas S. Ferguson of UCLA â€Å"There are three main mathematical models or forms used in the study of games, the extensive form, the strategic form and the coalitional form†Read MoreVideo Game Violence And Its Effects On Gamers1205 Words   |  5 PagesVideo Game Violence and its effects on Gamers In recent years there has been a significant increase of shooting incidents, specifically in America. When there is a shooting event the media is quick to question if the suspect had a history of playing violent video games. There is already the initial connection between video game violence and aggression; but is this connection scientifically correct? This topic interests me because of the increase in school shootings and violence. I have personallyRead MoreSocial Learning Theory Developed It s Reputation1208 Words   |  5 PagesSocial learning theory asserts that learning is a cognitive process that takes place in a social context and can occur purely through observation or direct instruction, even in the absence of motor reproduction or direct reinforcement. Famously adopted by Albert Bandura and his colleagues at Stanford University in the 1960’s, the development of social learning theory was revolved around a four step model. These four models included attention (th e individual subject must attend to the media as wellRead MoreVideo Games And Violent Behavior1460 Words   |  6 Pages Video Games and Violent Behavior Jessi Moffett CRJ 385 September 15, 2015â€Æ' Intro Technology is an important aspect of change in our world. As time goes on, we are introduced to more and more technology every year, which includes media such as video games. The increase of technology has also increased and improved the world including ways of communicating and distribution of information. More often used outlets of media are those used for entertainment purposes, like television, internet andRead MoreTaking a Look at Game Theory1231 Words   |  5 PagesGAME THEORY Introduction: Game theory is the study of strategic decision making, cooperation and conflicts. The concepts appear when the actions of several agents are independent. The agents are like groups, individuals, firms or any combination of these. These ideology of provides a language to formulate, structure, analyze, and strategic scenarios. Specifically, it is the study of mathematical models of conflict and cooperation between intelligent rational decision makers. This is mainly usedRead MoreHunger Games Sociology Essay1098 Words   |  5 PagesSuzanne Collins’ novel The Hunger Games and its big screen adaptation follow the journey of a teenage girl in the dystopian country of Panem. Katniss Everdeen must fight to survive in a game of death against other youth from the twelve districts in Panem. However, The Hunger Games is not just a young adult genre obsession, but also a complex study of the social sciences. The symbolism and plot of The Hunger Games are prime examples of Sociology beca use they display different societal rules and norms

The Compelling Motives of European Imperialism Essay

The Compelling Motives of Imperialism The presence of Europe in Africa in the late nineteenth century was one of extreme power. The countries of France, Britain, and Germany had especially large claims to the African continent during this time. The motives of imperialism for these countries greatly define Europe at this time. Insatiable desires for economic markets, power and political struggles, the motivating belief in Social Darwinism, and the European idea of superiority were the driving forces at the European home front in the late nineteenth century. Many of the causes for imperialism in Africa were evident in Joseph Conrad’s turn of the century novel, Heart of Darkness. Successful domination of Africa was not†¦show more content†¦Africa, Asia, and the Americas all fell victim to the greed of the Europeans. Furthermore, an â€Å"expanded market† was needed after the rise of the Industrial Revolution (Sanderson â€Å"Imperialism notes†). Surpluses of products demanded a larger community to obtain the goods. The introduction of machinery reduced the number of workers Messner 2 needed on the European home front. Imperialism provided a way in which unemployed laborers could obtain jobs and/or riches. Not all motives for imperialism were greedy and self-motivating however. The earnest desire of some to help civilize and Christianize natives was the utmost reason for imperialism. Europeans contained the belief that their customs and religious values were the sole method in living. Missionaries from throughout Europe desired to journey to foreign lands in order to teach the civilized and Christian ways of living to the natives. Often missionaries were in competition for converts, and thus supplied imperialism with other drives (Patterson, par. 10). The Social Darwinist ideas were prevalent in this time. The Europeans believed in the survival of the fittest, and it was generally accepted that the Anglo-Saxons were the superior race. In the 1890’s Rudyard Kipling published â€Å"Whiteman’s Burden†. This poem defines the white man as responsible for civilizing the â€Å"others†. It is supportive of the imperialism of other countriesShow MoreRelatedEssay about Colonialism670 Words   |  3 Pages European overseas expansion evolved from sixteenth-century colonialism driven by mercantilism to nineteenth-century nationalistic imp erialism. Both had different forces compelling them; thus different countries—although most the same—participated in each phenomenon with unique, but largely similar goals. These two forces that overtook the world are comparable as they both have the same objectives; however, mercantilism compelled colonialism while nationalism drove imperialism. Colonialism BeginningRead MoreThe Tempest By William Shakespeare1705 Words   |  7 Pages2014 The Tempest Written between 1610 and 1611, The Tempest by William Shakespeare is the final play penned by the famous Bard. The play portrays the illusory struggle of power and conscience through the character of Prospero and his egocentric motives. Politically, the play can be seen as an analysis of important political issues relevant to that of oppression and imperialistic tendencies of the time. Artistically, The Tempest emphasizes the nature of art, more prominently, theatrical art. BeingRead More Economic Networking—Exploring Alternatives for Promoting Sustainable Development in Africa2914 Words   |  12 PagesEconomic Networking—Exploring Alternatives for Promoting Sustainable Development in Africa INTRODUCTION The history of European aid intervention in the African, Caribbean and Pacific (ACP) states has traditionally acted to reinforce the hierarchical distinction between the â€Å"developed† and the â€Å"developing† world. The series of Lome Conventions which granted preferential trade agreements between these groups of countries have proved ineffective in encouraging economic sustainability in the ACPRead MoreAmitav Ghoshs Sea of Poppies: a Study Post Colonial Perspective.3291 Words   |  14 Pages and Britain is set on maintaining the opium trade between India and China as a buttress of its economic, political and cultural power. Sea of Poppies Sea of Poppies, a trilogy, has been received favorably by the Booker’s jury for the compelling story told against an epic historical canvas. The ship Ibis is the dual metaphor in the novel which plays a vital role in bringing together north Indian women, Bengali zamindars, black men, rural laborers and Chinese seamen. The Ship transportedRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesthe year 2000 (the collapse of the Soviet Union, the reunification of Germany, the surge of globalization from the mid-1990s) and afterward (9/11, or the global recession of 2008) when one could quite plausibly argue that a new era had begun. A compelling case can be made for viewing the decades of the global scramble for colonies after 1870 as a predictable culmination of the long nineteenth century, which was ushered in by the industrial and political revolutions of the late 1700s. But at theRead MoreRastafarian79520 Words   |  319 Pagesthe history of resistance and black consciousness that has been part of the Jamaican experience for years. The truth is that there has always been a committed Jamaican counter- culture that celebrates and sees redemption in Africa and rejects the European values that have oppressed a society. But prior to the advent of popular culture and especially the music recording business in the late twentieth century, its apparatus of cultural formation was controlled fully by the elite who, to a large extentRead MoreExistentialism vs Essentialism23287 Words   |  94 Pagesobjects  for  consciousness.[16]  This means that consciousness is radically free, since its structure precludes that it either  contain  or be  acted on  by things. For instance, because it is not thing-like, consciousness is free with regard to its own prior states. Motives, instincts, psychic forces, and the like cannot be understood as inhabitants of consciousness that might infect freedom from within, inducing one to act in ways for which one is not responsible; rather, they can exist only  forconsciousness as mattersRead MoreNational Security Outline Essay40741 Words   |  163 Pagesdestruction ad appropriation of property not justified by military necessity and carried out unlawfully and wantonly; (First, Second, and Fourth) Compelling POW into service or willfully depriving him of the rights of fair and regular trial prescribed in the convention; (Third) Unlawful deportation or transfer or unlawful confinement of a protected person, compelling a protected person to serve in hostile forces, or willfully depriving protected person of rights of fair and regular trial, and taking ofRead MoreStrategic Marketing Management337596 Words   |  1351 Pagesvariations of it, has been used by a variety of writers (see, for example, McCarthy and Perreault, 1990; Kotler, 1991; Jobber, 2003), Littler and Wilson (1995, p. 1) have pointed to the way in which ‘its adequacy is beginning to be questioned in some European textbooks’ (e.g. Foxall, 1984; Baker, 1987). It could be said that the AMA definition is more of a list than a definition and is therefore clumsy and inconvenient to use; that it cannot ever be comprehensive; and that it fails to provide a demarcationRead MoreOrganisational Theory230255 Words   |  922 Pagesmodule. Typically the audience would be students in Business Schools but could also be students in Departments of Sociology, Schools of Education and so on. The learning needs of these students is for a book that reflects the best of Anglo-American, European and other thinking on organization theory in a manner that shows that different sorts of theory are relevant and can be made interesting for an understanding of the organizational world. . Preface xv Distinctive features The structure

Labor Productivity Free Essays

Labor productivity is a key element in the explanation of how the economy works. It is especially important with regard to wages. What follows is some material about labor productivity and investment spending that is a reorganization of what is presented in your textbook. We will write a custom essay sample on Labor Productivity or any similar topic only for you Order Now Its focus is on the connection between labor productivity and wages. Labor productivity is the value of the product or service you can produce in an hour, day, week or other unit of time. The value you can produce depends on the amount of work-product you can produce and the price at which that product can be sold. When the product is sold, the owner keeps part of that value as profit, and part of it goes to pay for other production expenses. The worker then gets the residual as the wage. (The Marxists like to talk about this as exploitation and expropriation of the surplus. ) If you want a sustained increase in your real wage, you have to have an increase in labor productivity. However, you may not get a raise just because your labor productivity rises. Labor productivity may rise, thereby raising the value of your day’s work, but the owner can keep the increase as higher profit. This raises two questions: How can you get to keep a part of increased labor productivity in a higher wage, and what contributes to systematic increases in labor productivity? First, your boss will want to keep you as a worker, assuming you are a good one. When the business cycle is at a point where actual GDP is near full employment and expanding, other firms will want to hire workers away from the company you work for. You get a raise to keep you where you are. The other way is to have a union that negotiates with the owner for a share of increased labor productivity. To answer the second question, consider the following. Systematic increases in labor productivity come from investment spending. Investment spending, in the broadest sense, refers to spending that creates more capital for workers to use. The most obvious capital is new plant and equipment and new technology. If workers have better machines (a rise in the capital to labor ratio), they can produce more value per hour. The common sense of this can be seen with a simple example: How much land can you till and plant if your capital is just a stone? How much if you have a shovel? How much if you have a shovel and a hoe? How much if you have a tractor and a plow? How about a great big tractor with four wheel drive, 8 or more wheels and huge implements to go with the tractor? The same thinking applies to service work as well. Human capital is less tangible than machines but very real. Human capital refers to skills, knowledge, analytical ability, and especially the ability to teach yourself new stuff. It is the corner stone of the modern economy. If you don’t have much human capital, the workplace will not pay you too much for your time. Human capital comes through job training, formal and informal education, and self-education. The value of a four-year college degree comes mostly from the analytical abilities you develop and the ability to teach yourself new stuff, and you can only develop these skills by practicing, which is what studying is all about. Innovation and new technology come out of the application of human capital to the problem of ever-present scarcity. The problem with acquiring human capital is that the process is expensive, and there are real financial and risk constraints faced by individuals. If individuals were left to pay the entire cost of training and education, there would be less of it than the economy needs because of these constraints. So in modern society, through government, assumes a large chunk of the risk through the subsidization of job training and education. TriCounty is a classic example. The taxpayers pay most of the expense of the services provided, and the taxpayers receive the benefits spread out over time because companies have a more productive labor force to draw from, a labor force with the human capital needed to pursue higher-valued work. This is the case throughout the industrialized world. Infrastructure is the third category of capital. Infrastructure can be public or private. Communications companies are private infrastructure. Roads, bridges, and most airports are public infrastructure. Public infrastructure exists when private companies lack an incentive to provide the needed capital. The lack of incentive comes from the lack of ability to exclude non-payers from utilizing the products or service. National defense and public fire stations are examples. When the infrastructure is private, consumers pay for the costs of producing the services in the price they pay for the services. When the infrastructure is public, consumers pay for the services with taxes and sometimes fees. If you want a sustained increase in wages, you have to have an increase in labor productivity, so you need additional capital, so you need additional investment spending, and if you want more investment spending, you need more savings. If you want more human capital and public infrastructure, you need more tax revenue. There is no way around it. How to cite Labor Productivity, Essay examples

A Rasin In The Sun Essay Example For Students

A Rasin In The Sun Essay A Raisin in the Sun, a drama written by Lorraine Hansberry came onto the theater scene in 1959. The title is from Langston Hughes poem A Dream Deferred when it asks what happen to a dream that is deferred. The drama tells of a lower class black familys struggle. The family lives in a cramped apartment too small for its five tenants. The primary focus of the story is on how to spend the ten thousand-dollar insurance check from the death of Mamas husband Big Walter. The conflict erupt over the disagreements on how the money should be spent, Mama wanted to by a house, Beneatha needed money for medical school, and Walter had dreams of owning a liquor store. In the end Mamas confidence in Walter to spend the check wisely climaxed his manhood from a desperate family man that is shackled by poverty, to man that obsessed with the dream of succeeding, then to being a real man, a hero to his family. In the beginning Walter presents himself as a very absurd man. In his middle thirties, he is the husband of Ruth, father of Travis, brother of Beneatha, and son of Lena (Mama). Walter works as a chauffeur for a rich white man, he drinks too much, and he is very uneducated. Walter never has enough money to buy his wife fine things or to help his family. He and his wife Ruth and their child live with his mother this living situation contributes to Walters problems. In one scene Walter admonishes Ruth for telling their son that they cannot give him fifty cents. When he is asked Walter gives Travis more than fifty cents; he gives him a dollar, none of which he can afford. Walter does this so that Travis does not see their true economic condition. Walter shows us that he is very desperate when it comes to his family because all he can do is dream about helping them. When Walter discovers that his mother will receive a ten thousand-dollar check from his fathers insurance he becomes obsessed with his dreams of becoming a businessman. Walter feels that his business venture will make financially independent. He is so obsessed to succeed that he wants to invest the entire ten thousand dollars into a liquor store with his buddies. For ethnical reasons Mama objects to Walters idea and he makes it seems as if its the end if the world. Mama who also had dreams for the money when she announced that she put a hefty down payment on a house in an all white neighborhood. Walter is crushed by this news; he tells Mama that he feels like she butchered his dreams. Mama who knew that she hurt her son entrusts the remaining of the check to him. She tells him to put half away for his sisters tuition and the rest was his to keep. Now Walter feels that he can still keep his dream alive. Walters already exaggerated dream, however, suddenly turns into a problem. Foolishly, he entrusts his buddy with all of the remaining money that he runs off with. His shame suddenly becomes self-hatred, which is the only emotion that stops him from selling out his family again. When approached with the money offer not to move into the white neighborhood he decided that he would take the offer. With the money he could send Beneatha to medical school and make up for his mistake. However, at the last minute Walter decided not to take the offer. He showed that for once he could make good decisions and he becomes a hero to his family especially to his mother who says He finally came into his manhood today, didnt he? Kind of like a rainbow after the rain. Throughout the story Walter matures from being a man that is shame of his manhood to a man that has pride. .u310fbe2eaee43661c0511a62263119fd , .u310fbe2eaee43661c0511a62263119fd .postImageUrl , .u310fbe2eaee43661c0511a62263119fd .centered-text-area { min-height: 80px; position: relative; } .u310fbe2eaee43661c0511a62263119fd , .u310fbe2eaee43661c0511a62263119fd:hover , .u310fbe2eaee43661c0511a62263119fd:visited , .u310fbe2eaee43661c0511a62263119fd:active { border:0!important; } .u310fbe2eaee43661c0511a62263119fd .clearfix:after { content: ""; display: table; clear: both; } .u310fbe2eaee43661c0511a62263119fd { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u310fbe2eaee43661c0511a62263119fd:active , .u310fbe2eaee43661c0511a62263119fd:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u310fbe2eaee43661c0511a62263119fd .centered-text-area { width: 100%; position: relative ; } .u310fbe2eaee43661c0511a62263119fd .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u310fbe2eaee43661c0511a62263119fd .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u310fbe2eaee43661c0511a62263119fd .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u310fbe2eaee43661c0511a62263119fd:hover .ctaButton { background-color: #34495E!important; } .u310fbe2eaee43661c0511a62263119fd .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u310fbe2eaee43661c0511a62263119fd .u310fbe2eaee43661c0511a62263119fd-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u310fbe2eaee43661c0511a62263119fd:after { content: ""; display: block; clear: both; } READ: The sociological Imagination Essay Walter establishes himself as the protagonist or hero because in the falling action he matures only for the family and especially for his son who is watching him. Hannsberrys underlying theme in the story is centered around Walter, the question that she poses is, What happens to a person whose dreams grow more and more passionate while his hopes of achieving the dream go dimmer each day, which is what happen with Walter.BibliographyNone