Game theory

matt3Game theory, popularised by von Neumann and Morgenstern in 1944, is used to study a large variety of real-life situations concerning strategic decision making. It models conflict and cooperative strategies in business, economics, politics and cybersecurity, to name but a few, and may be used to predict short-term and long-term behaviours in a competitive environment. Simple games may be simulated by hand but larger games are often run as computer simulation. In particular, Nash equilibria may be located for a player, meaning that (with some conditions) the player is playing the best possible strategy for a given game. In large scale simulations, the evolution of societies through agents may be performed, making the topic particularly timely.

References:

  • Myerson, R. B., Game Theory: Analysis of Conflict, Harvard University Press (1991).
  • Nash, J., Equilibrium Points in n-Person Games, PNAS 36 (1) (1950), 48-49.
  • Axelrod, R., The Evolution of Cooperation (Revised ed.), Perseus Books Group (2006).

Supervisor: Dr Matthew Craven

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