Economics Game Theory Questions
In game theory, there are several different types of games. Some of the most common types include:
1. Cooperative games: These are games where players can form coalitions and work together to achieve a common goal. The focus is on cooperation and negotiation rather than competition.
2. Non-cooperative games: These are games where players make decisions independently and do not form coalitions. Each player aims to maximize their own individual payoff, leading to competition and strategic decision-making.
3. Zero-sum games: These are games where the total payoff for all players remains constant. In other words, any gain by one player is offset by an equal loss by another player. Examples include poker or chess.
4. Non-zero-sum games: These are games where the total payoff for all players can change. It is possible for all players to gain or lose together. Examples include business negotiations or international trade.
5. Simultaneous games: These are games where players make their decisions simultaneously, without knowing the choices of other players. Each player must anticipate the actions of others and make strategic choices accordingly.
6. Sequential games: These are games where players make their decisions in a specific order, with each player observing the choices made by previous players. Players can use this information to strategically plan their own actions.
7. Symmetric games: These are games where all players have the same set of strategies and payoffs. The game is symmetric in terms of the players' roles and options.
8. Asymmetric games: These are games where players have different sets of strategies and payoffs. The game is asymmetric, and players may have different roles or options available to them.
These are just a few examples of the different types of games in game theory. Each type has its own unique characteristics and strategic considerations.