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Game Theory

Unrealistic Assumptions makes game theory problems difficult, Students are seeking help online in game theory Homework and Assignment

Game theory is that type of study in which human conflicts, as well as cooperation between the intelligent and rational decision maker, have been discussed (Myerson 2013). Specifically, it is the mathematical model and science strategy or the competing and independent decision making strategy. As per the view of Colman (2016), the game theory is popularly used in political science, economics and psychology as well as computer science, biology and logic. In order to predict the decision and reaction of the competitors, customers, employees and investors, the application of the game theory in business and economics is an essential factor.

Difficulties are faced by a student in Game theory problems?

Though it is important and relevant in business and economics, the students face some difficulties while solving the game theory problems. It is difficult to get the determinate equilibrium solution in a duopoly, bilateral monopoly and oligopoly market situations (Telser 2016). Thus, the implementation of the game theory in these situations is justified. However, during the calculation time, the game theory assumes some factors such as each firm know the rival's strategies and reactions, and it can make the optimal decision making pay-off matrix which is appropriate in that situation (Colman 2013). On the contrary, the assumption is highly unrealistic and impractical in the real situation. An entrepreneur, as well as a student, does not know about the strategies of the rivals and their reactions. The student or entrepreneur can only guess the reactions and strategies of the rivals. As a result, it is difficult for the students to anticipate the optimal pay-off matrix for that situation.

On the other hand, the game theory also assumes that the duopolists should be prudent type nature. The rivals take action by assuming the conjectural variation and possible reactions of the opponents. According to McCain (2014), this assumption is irrelevant and unrealistic as in general the entrepreneurs and its rivals do not act rationally. On the contrary, the minimax or maximin strategy of game theory can only be performed if and only if the entrepreneurs are the prudent type. As a result, due to the unrealistic assumption of the game theory, the student faces the hurdle of calculating the minimax or maximin strategy.

Thirdly, there is also an assumption that after taking action by rivals, the opponent will put its reaction given the rival's action constant (Liang and Xiao 2013). However, it is an impracticable and unrealistic assumption as there is no endless period to take the counter-strategy and the rival's strategy does not always remain same. Thus, the student faces the trouble of calculation of the various strategy related to the game theory.

Apart from this, the student can easily understand and calculate the problems of two- person constant- sum game. However, when there are more than two persons such as three or four players in the games, it turns to be difficult and complex. Moreover, this game theory is not applicable when there are huge numbers of payers specifically more than four (Liang and Xiao 2013). On the other hand, in the real scenario, most of the economic and business problems consist of many players. The economic problems related to the monopolistic market situation involve a large number of buyers and sellers. The student cannot calculate it and cannot be able to reach any optimal solution by using this game theory as it is not applicable for a large number of players.

Fifthly, the assumption of the constant- sum game during the application of duopoly market situation is also unrealistic. In this perspective, the model assumes that the "stakes of interest" are transferable and it can be measured objectively. On the other hand, in the words of Cressman (2013), the minimax strategy through which the solution of the constant- sum game can be achieved, assumes that all the players of the game make the best outcome among the worst possible cases. It is very unrealistic as it is impossible to make the best outcome if there does not exist any worst situation. In general, most of the entrepreneurs mainly concentrate on the existence of the favorable market situations. As a result, the contradictory situations of choosing the best situation among the worst possible outcomes do not arise. Thus, the question of selecting the best outcome among the worst possible situations is irrelevant to the students, and they face the difficulties to solve this type of problem. The application of the maximin strategy by the students for calculating these types of problems are impractical in nature.

Finally, during the calculation of non- zero sum games, different types of strategies of the game are used in the same problem. It is very unlikely in the real market cases. As per the view of Myerson (2013), with the implementation of different types of strategies in one problem, the uncertainty and secrecy factors are involved in it. It is clearly known that most of the entrepreneurs like secrecy in the business whereas; they avoid the uncertainty factor (Telser 2016). As a result, it is difficult to understand and calculate by the students. On the other hand, in an oligopoly market situation, the one oligopolist may want to know the business secrets and strategies of the rivals through which they can enter into the collusion situation. The collusive market situation helps them to earn the maximum amount of joint profits. Thus, during the calculation of non- zero sum games, the student faces actions of mixed strategies as well as collusive nature of oligopoly which are very difficult to calculate.

Based on the above analysis it can be inferred that the application of the game theory is very complex and the students face some difficulties due to its unrealistic assumptions. The game theory is a very popular mathematical model through which the difficult problems of business and economics can be solved. However, the game theory assumes some points for calculating non- zero sum games, constant- zero sum games, maximin or minimax strategy and much more which is irrelevant and unrealistic in the real situations. As a result, the students, as well as the entrepreneurs, face major difficulties to solve the economics and business problems.These are the major drawbacks of the game theory. 

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