Economics consists of two parts macro and micro. Though scholars have not much problem understanding these in details, there are certain theories which create issues when it comes to writing assignments.
So, when studying this subject one of the topics where you might get stuck in game theory. To do well you must know it all about this theory to complete your paper without much hassle.
Offering enough information about this topic is this blog’s primary concern. Hence, go through it completely.
What is Game Theory?
To start with the basics you should know about this theory a bit. It is a subject matter which is defined quite oddly.
A game refers to decision problems where result or outcome of it depends on factors or actions taken by various agents.
Game Theory can be described as a study of actions which rational agents opt for in several situations.
You should know about a major aspect of Game Theory which is iterated dominance.
What is it?
A rational player won’t select dominated strategies when playing a game or to be more exact when coming to decide in a certain situation.
However, frequently it has been observed that when playing a game every player is aware that their opponents are rational players.
In such a case, players tend to decline to put dominated strategies into play and also they decline any strategies which produce ideal outcomes if another player adopts a dominated strategy.
You can use this to generate predictions about what an individual should or will do in a game. In addition, dominated strategies are divided into strong and weak dominance category.
This is just the basic of Game theory, to do well in it you will need to go in-depth of this topic to complete a flawless assignment or paper on this.
This is a vital aspect which falls under Game Theory which you should be aware of when studying this topic.
This equilibrium is named after John Nash who was the developer of this concept and also proved some mathematical results which it concerns.
Let’s understand this with an example!
For instance, in a game where two players play, for a strategy let’s call it A to get ZZZ; it should be ideal response to a strategy B which is the ultimate response to another strategy C, which is an ideal response to another strategy D, and so on.
However, in this case, you will need to assume that there are finite choices available for you. Thus, the question is how can you get an infinite choice chain going?
This is possible if you keep repeating it yourself. Confused?
Well, to carry on such a chain forever, you can get a loop and you will have to keep circling this loop. Also, the easiest loop should have just two steps involved.
So, now if you take any pair of strategy A or B as mentioned above; such that A’s best response is B, and B is the ultimate response to A.
In such a case, each strategy will get ZZZ as you can run this loop of two steps forever. Each step of this loop is a strategy that is the best response to previous strategy which you stopped at. When any strategy pair fits nicely together like this, you can call it Nash Equilibrium.
What is Mixed Strategy?
Now in the above-mentioned portion, you just came to know about a certain type of two-player game. What happens when there are games which have no pure Nash Equilibria strategy?
Well if you expand available strategies spaces for including mixed strategies than every game can have Nash equilibrium.
It is believed that every finite game has Nash Equilibrium if only just one when you allow agents to apply mixed strategies.
But what is this mixed strategy?
Most game theorists describe it as an option which is similar to interpretation of probability candidate. This interpretation can be divided into epistemological or metaphysical.
As you can tell from the name that this is a strategy that involves mixing different interpretations for reaching equilibrium.
However, to gather more information you require opting for detailed research about.
Problems you will face with Game Theory
Various discerning issues might haunt you when working on Game Theory. A few are just laid below.
For example, the first issue which you will be facing when trying to complete your paper on Game Theory is, understanding the concept.
The aforementioned portion which explains game theory is simply the basis of it. However, if that is not clear to you then you will have trouble studying more in-depth matters related to it.
The concept is such an essential part of Economics that without you having a proper grasp of it, you will fail to justify your assignments which will lead to lower grades without any doubt.
It has been observed that it is one of the greatest problems of scholars like you who opt for economics in college.
No matter what you do you should always ensure that you understand every portion of game theory along with matters related to it like Nash Equilibrium, Mixed Strategies, etc.
Now another issue which you might face is research!
You might think that researching game theory is easy, right?
Well, to an extent it is. When you start researching you will receive ample of papers on it which will provide you with ample resource.
However, in your research, you will be overwhelmed about how much you have to go through and which are essential for your assignment.
This is what millions of students feel every year. Researching is never easy as it sounds though every pupil has access to the internet these days.
Also, scholars sometimes are not aware of what to research or how to do it efficiently. Even if they are aware of a topic, it is seen that they fail to have adequate research in their paper.
Hence, poor research leads to completing of a lower grade paper which leads to poor assignment marks. Thus, this is considered one of the biggest issues which are ruining academic grades of numerous students in college.
Lastly, and the greatest dilemma of all is time trouble!
Being a student at a college is not an easy task. You will have to go through several activities daily to stay in the competitive race of academia and college life.
Hence, time is something which a luxury you will not have.
Also, for a paper on game theory let’s say a professor gave you a time of one or two weeks. Within this time frame, you will have to understand the topic, gather intel, and complete your assignment.
It might sound easy when one week is a time given but never is. You won’t even realize when a week has passed and your assignment is due the next day.
In such a situation, you will be willing to complete your project somehow and will have ample errors regarding information, facts, and other aspects that will make it undesirable for your professor to grade it high.
So, when studying about game theory, these are the issues which you will come across that you need to overcome for submitting remarkable papers.
Solutions of issues faced by pupils
Well, apart from overcoming the three major dilemmas which you will face while tackling game theory assignments, there will also be some advice below that will assist you in overcoming all assignment related problems.
The first issue faced by pupils was a clear concept. Well, for this you require following just a few steps.
Firstly, you will require attending your college classes daily. This will be helpful as professors give assignments on topics which they have already covered in their class.
Hence, a paper on Game Theory will be given for you to submit only after he/she has finished teaching it.
So, if you attend classes regularly you will have knowledge about it and clearly, understand what to do for your paper.
Also, ensure asking questions in or after classes so that any doubt you might have about Game Theory can be cleared by your professor.
Also, when a professor is explaining your doubt in detail you might come across information which you might have missed in class
Now the second issue was research!
Well, if you follow the first step of attending classes then your research issue will reduce drastically.
Let’s say you need to write a paper on Game Theory and have plenty of research to perform before starting.
Simply by attending classes regularly you can minimize your researching efforts. In class, when a professor explains a topic your mind is retaining information related to it.
Moreover, your notes should have plenty of data to guide you towards the correct path of research.
However, still, you might come across info that would overwhelm you. In such a case, all you need is take help from your private tutor. This will lead you to eliminate any unnecessary information which you might have thought about incorporating in your project.
Also, this will save you, your precious time as you can eliminate every unnecessary detail and simply skip it.
Lastly, the biggest problem of all time-consuming work!
This dilemma can be handled by you if you learn how to manage time. For example, you will need to identify the crucial work of every week and direct your time towards them more than other activities.
Also, taking help from experts like your professor and private tutors will clear any doubt you might have instantly that will aid in saving time which you will require spending if you don’t go to them with your issues.
Also, knowing how to research will save ample time for you. All these make sure that you will be able to complete your assignments on time as well as do it efficiently that will save your precious time.
A few tips for better outcomes
If you can follow a few of the tips below you will not only have a better understanding of Game Theory concept but also your paper will fetch high grades.
Take a look!
First of all, make notes. When you are in class in college, you can’t remember every detail.
Thus if you are in the habit of taking notes then even if you forget something important, when going through your notes later at your dorm or home, you will be able to remember it and use it in your work as well as in your exam.
For example, while teaching professors offers various examples on Game Theory, if you can retain those and use it in your assignment or a written exam, you will impress your professor which will fetch you good grades.
Next up is group discussions!
Always opt for a group study. This will lead you to have revised as well as clear any doubt which you might come across when talking to your classmates.
Sitting with them for a study session will offer you a new insight that you might have been missing. This will lead you to have better concept knowledge and use it in your project.
Lastly, take assistance from private tutors.
If you take assistance from professionals who have a deep understanding of Game Theory along with ample experience in this field, they will not only provide you with insightful information but also offer you to have an errorless work for you to submit.
Ensure keeping these in mind as these will serve you well for your Economics paper. So, start working on your Game Theory paper today and ace it with such tips.
Marina Agranov is an assistant professor of Economics and has completed her PhD from New York University in 2010. Her massive knowledge in this subject and ample experience makes her the go-to person for scholars who want assistance in their Economics assignment. Her speciality is Game Theory, Industrial Organization and Trade is just a few of the things. Get in touch for her assistance.