November 2019
Beginner
697 pages
13h 18m
English
Content preview from Players Making Decisions, 2nd Edition
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19. Equilibria in Normal-Form Games
There exists everywhere a medium in things, determined by equilibrium.
—DMITRI MENDELEEV
First, let’s look at what is known as a normal-form description of a game. Normal-form games are good places to start because they are rather simple. In this form, you represent the game as a table or matrix. One player’s options are presented by the matrix’s rows. The other player (given a two-player game) has options represented by the columns of the matrix. Where each intersects is the result of the game, with each player receiving a payoff.
Where game theory is useful is in determining not what a player can do, but what a player will do. You need to make a bunch of assumptions in order to determine this, but it can ...
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