![]() With this, he provided the first analysis of common knowledge and used it to analyze play in coordination games. Quine from 19, used game theory to develop a philosophical account of convention. ![]() Game theory has also been used in philosophy. In game theory, this is called a "repeated game." If the players are altruistic (if they care about each other), they might be okay with going to jail so they can help the other person. If the prisoners (or countries) can talk with each other and plan for the future, they might both decide to cooperate (not betray) because they hope that will make the other country help them in the future. The prisoner's dilemma does not have same result if some of the details are different. In short, "betrayal" is the best strategy, and is called the "dominant strategy." Variations If the other prisoner betrays, then betraying lets you go to jail for 2 years instead of 10 years. If the other prisoner stays silent and does not betray, then betraying means you do not go to jail at all instead of going to jail for 6 months. No matter what, you get a shorter sentence when you betray than when you do not. If you are a prisoner in this situation and you only care about yourself, the way to get the smallest sentence is to betray the other prisoner. If each betrays the other, they both are held for a shorter time. If one betrays the other, the betrayer goes free, and the other is imprisoned for a long time. Each is given a choice: If each remains silent, they are both soon released. Suppose two people are arrested for a crime, and the police are uncertain which person committed the crime, and which person abetted the crime. Game theory is found in the financial choices people make, and is found in the study of economics. This is true even of cases where the decisions of a single person only affect that one person. In game theory, all of these situations are "games" since the people involved make choices based on how they value the possible outcomes of the choices. Game theory is not just about games, but how and why businesses make decisions, and just about any decision based on valuing likely outcomes. In that case the "players" being studied were the United States and the Soviet Union. In the Cold War period, the strategic decisions of the United States and the Soviet Union were sometimes viewed as an exercise in game theory. An alternative term suggested "as a more descriptive name for the discipline" is interactive decision theory. (Specifically, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".) It helps people understand parts of science and politics. Game theory is the study of how and why people make decisions.
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