Game Theory !!

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The Paper describes the Game Theory by John Nash.

This paper covers the basics of it and helps a layman understand what it is all about.

Below is an excerpt

Strategic thinking is the art of outdoing an adversery knowing that the adversery is trying to do the same to you - says Avinash dixit in his book Thinking Stratregically.

The basic structure of a fame includes the players who have different actions and strategies, and the payoffs which describes the profits or other benefits that the players obtain in each outcome. The key new concept is the payoff table of a game , which shows the strategies and the payoffs or profits of the different players.

The economic life contains many situations and stratergic interaction among firms, households, governments ,or others. Game theory analyses the way that two or more parties , who interact in a structure such as a market, choose actions or strategies that jointly affect each participant.
 

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