Research Essay on Game Theory

1

Rodriguez

Michelle Rodriguez

PHIL202

March 30, 2021

Game Theory Research Proposal:

Introduction: In my research proposal, I will explore Game Theory as one of the revolutionary theories that have been applied in different aspects of life, such as economics. Game theory is referred to the study of different approaches through which economic agents' choices interact to come up with the outcomes depending on their utilities or preferences of the agents. In this theory, the outcomes that the interaction seeks to understand might not have been proposed by any of the agents. The theory had its general mathematic formulation developed by Oskar Morgenstern and John von Neuman that only allowed applying the theory on unique and limited conditions (Bhaumik, 2021). However, the Game theory application has changed in the last few decades due to the deepening and generalization of the theory. However, there are challenges that scholars and economists are facing during the development and advancement of the Game theory. Generally, game theory has been a very reliable analysis tool that is useful in assessing the relationship between best actions that depend on one or more economic agents' expectations. My research proposal will present an in-depth understanding of the game theory, explain different elements of the theory, and provides a more straightforward approach for an individual to understand how it works.

I. Explore the motivation behind the development of the game theory and explain the different elements.

II. How other fields applied the theory after is invention.

III. Review the advancement and achievement in other applications apart from economics.

I. Reason 1.

a. Created as a method of applied mathematics to study human and animal behaviors.

b. To understand economic behaviors

c. Used to address zero-sum gains.

II. Reason 2.

a. Price competition and product releases.

b. Competing behaviors by economic agents.

c. To gain an understanding of oligopoly.

III. Reason 3.

a. Prisoner’s Dilemma.

b. Dictator Game

c. Volunteer’s Dilemma

Works Cited

Bhaumik, A. (2021). Studies on game theory under different uncertain environments (Doctoral dissertation, Vidyasagar University, Midnapore, West Bengal, India,).

Gintis, H. (2014). The Bounds of Reason: Game Theory and the Unification of the Behavioral Sciences - Revised Edition(Revised ed.). Princeton University Press.

Hargreaves-Heap, S., & Varoufakis, Y. (2004). Game Theory: A Critical Introduction (2nd ed.). Routledge.

Neumann, J. V., & Morgenstern, O. (2020). Theory of Games and Economic Behavior: 60th Anniversary Commemorative Edition. Golden Keys Success.

OWEN, G. (1999). APPLICATIONS OF GAME THEORY TO ECONOMIC EQUILIBRIUM. International Game Theory Review, 01(01), 1–8. https://doi.org/10.1142/s0219198999000025