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Incorporating Fairness into Game Theory and Economics, 2002.
A referee report on Matthew Rabin's intention driven model of fairness.
2,340 words (approx. 9.4 pages), 6 sources, APA, $ 71.95
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Abstract
Matthew Rabin?s model of fairness is based on Geanakoplos, Pearce and Stacchetti's (1989) notion of ?psychological game?, in which payoffs depend on actions and on beliefs about actions. The paper describes how Rabin?s model shows how fairness expectations lead to different results than standard theory and demonstrates some general implications of fairness on game theory and economics. This paper contains a short description of Rabin?s model, gives some examples, propositions, proofs and critique.
From the Paper
"Suppose that (a1,a2) is a mutual-max outcome. Then both f1 and f2 must be nonnegative, thus reflect a positive regard for each other.
If each player chooses a strategy which maximizes both his own material well-being and the well-being of the other player this must maximize his own utility. In a case of mutual min outcome the f1 and f2 is non positive, thus, f~j(bj,ci)[1+fi(a1,bj)] is non negative. If each player is choosing a strategy which maximizes his own material well-being , this must maximize his utility."
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Industrial Relations and Game Theory, 2007.
This paper applies game theory (GT) to industrial relations, especially in the area of collective bargaining.
1,770 words (approx. 7.1 pages), 12 sources, APA, $ 57.95
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Abstract
This paper explains that industrial relations within the context of the British economy and the character of its workforce have long been dominated by the power and presence of its unions. The author points out that, because of the stakes involved in the collective bargaining negotiations, game theory (GT) and coalition theory, which is a subset of GT, is relied upon to achieve fractional improvements in contract negotiations. The paper relates that game theory (GT) is most often associated with a zero-sum scenario; however, it also encompasses positive-sum and negative-sum scenarios where a party may gain or win without the necessity of an equivalent loser. The author relates that, because of the necessity to form alliances in order to reach consensus among diverse stakeholders, industrial relations often employ a type of GT known as coalition theory,which examines the nature, reasons and underlying dynamics of these coalitions that form in all the various settings. The paper includes graphs.
Table of Contents
Introduction
Game Theory
Industrial Relations and Game Theory
Conclusion
From the Paper
"Of particular value has been research integrating sender-receiver frameworks that analyze how knowledge is transferred, both symmetrically and asymmetrically, with GT whereby advantages gained through asymmetrical knowledge transfer creates zero-sum advantages for one player or the other in an industrial relations setting such as the collective bargaining platform. This concept is explained in terms of being a signal that one side uses to inform the other of a possible solution, such as concessions that can be made on benefits."
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Game Theory-The New Marxism, 2006.
An analysis of Marxist economics with regards to foreign relations and how this perspective compares to modern game theory.
2,700 words (approx. 10.8 pages), 7 sources, $ 106.95
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Abstract
This paper analyzes Marxist economics from the perspective of foreign relations and how foreign relations is conducted based on the benefits that one nation can receive in relations at the expense of other nations. This Marxist perspective is compared to modern game theory and its sub-component, coalition theory in that game theory's basic assumption of zero-sum outcomes is a Marxist interpretation of capitalism in acceptable guise.
From the Paper
"Marxist economics has suffered in stature chiefly due to its being co-opted by the various communist political regimes that relied on its basic assumption upon which to construct their derivative economic models; most commonly of which was the Soviet economic model with its central planning and misconstrued allocation of resources (Wood, 2004). However, Marxist economics were never fully understood by these communist regimes and certainly not faithfully applied. At its core, Marxist economics accurately reflects the innate shortcomings of free market capitalism and the political structure that arise from them. One of the key differences that Marxist economics points out between itself and that of capitalist economics is the valuation of labor or the labor theory of value (Wood, 2004, pp.136-39)."
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The Game Theory, 2006.
A comprehensive look at game theory, a separate and interdisciplinary approach to the study of human behavior.
1,915 words (approx. 7.7 pages), 7 sources, MLA, $ 61.95
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Abstract
This paper takes a look at the game theory, founded by mathematician John von Neumann, and the mathematics, social and behavioral sciences that are involved. This paper also reviews the definition of a game and the fundamental decision theory, a crucial factor pertaining to the game theory.
From the Paper
"A game refers to a strategic situation that involves at least two rational and intelligent individuals called players. The fundamental result of decision theory, which forms the foundation of game theory as well, is that each player's goal is to maximize the expected value of his or her own payoff. These payoffs are measured on some utility scale, which is merely a numeric depiction of each outcome that can be gained through the player's actions. Individuals have preferences that give them the opportunity to rank the outcomes with respect to one other. For each pair of outcomes, a player can say whether he or she likes one better than the other or whether he or she is indifferent about the two.
The logical roots for game theory are in Bayesian decision theory. In fact, game theory can be seen as an extension of the decision theory (Myerson, 1991, p.5). In general, a decision theory is an interdisciplinary area of study for practitioners in mathematics, statistics, economics, philosophy, management and psychology. "
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The Game Theory Economic Model, 2006.
A review of the game theory and its applications in the post-war period.
1,350 words (approx. 5.4 pages), 4 sources, $ 53.95
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Abstract
This paper reviews the historical development of game theory, as found in the work of Neumann, Nash, and others. This paper shows how the basic outlines of game theory are drawn to show how it developed as a theory for decision making. The paper then suggests the historical events driving the mathematicians who developed the theory, as a means of showing how world events were responded to in the work of these men.
From the Paper
"In the mid-Twentieth Century, as the world was preparing for, involved in, and coming out of World War II, a number of mathematicians came to hold great importance for their development of an economics model called game theory in which rational (and irrational) actors are pitted against each other in theoretical constructs to determine the choices available to persons living in the world. The most important among this group were John von Neumann and Oscar Morgenstern, who virtually invented the concept of game theory in their book Theory of Games and Economic Behavior, and John Nash, who greatly expanded upon the concepts of game theory to include complex games with multiple players. The applications of game theory were many, but perhaps the most important were found in the struggle of military powers around geopolitical matters."
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Game Theory and Foreign Policy, 2003.
Examines the importance of game theory in analyzing foreign policy decision-making and outcomes and its compatibility with other foreign policy models and systems.
2,869 words (approx. 11.5 pages), 7 sources, APA, $ 85.95
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Abstract
Game theory is the use of mathematical models to predict the outcome of a dispute or interaction between two or more independent actors. It has been applied in a wide range of contexts, including gambling, business and international relations. This essay examines the importance of game theory when analysing the foreign policy decision-making process. It argues that while simple games such as the Prisoner's Dilemma may not illuminate the process on their own, more complex models can offer a systemic device by which foreign policy can be analyzed more accurately.
From the Paper
"Perhaps the most widely recognised game is the Prisoner's Dilemma, which examines the choices faced by two people arrested for the same crime, and observes the likelihood that they would both accuse the other one, and thus both go to jail. When used in foreign policy analysis, it is often used to describe the nature of arms races, or the possibility of nuclear fallout. This is a non-zero-sum game, a game where it is possible for both players to lose, or to win (as opposed to a zero-sum game, where one actor's gain is always equal to another actor's loss)."
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Game Theory Applied to Corporate Finance, 2002.
How applications of game theory can be used to explain various observed phenomena in corporate finance.
1,955 words (approx. 7.8 pages), 7 sources, MLA, $ 62.95
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Abstract
This paper explains that traditional financial thinking relies on assumptions of certainty, complete knowledge and market efficiency and in this context, financial decisions should be relatively straightforward. In the real world though, many times what is observed deviates greatly from what would be expected using traditional financial thinking. This paper therefore uses different game theory models to more accurately explain observed financial decisions dealing with capital structure, corporate acquisitions and initial public offerings (IPOs).
From the Paper
"Game theory has made great strides in explaining many of the observed phenomena falling under corporate finance. One example is the capital structure decided upon by a firm's management. Capital structure deals with the firm's decision to raise funds through debt versus equity and what ratio of debt to equity should the firm maintain. Modigliani and Miller in 1958 showed that in perfect capital markets (i.e. no frictions and symmetric information) and no taxes a firm could not change its total value by altering its debt/equity ratio; thus capital structure is irrelevant. However in the real world, capital structure is carefully thought about by every company, and it is in fact not irrelevant because taxes do exist and capital markets are not perfect."
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Games Theory and Error, 2002.
A look at games theories.
2,400 words (approx. 9.6 pages), 5 sources, $ 89.95
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Abstract
This paper examines games theory. Specifically, it focuses on error in non-zero sum games epitomized by Nash's 'prisoner's dilemma'. It outlines the rudiments of non-zero sum games, demonstrates the impact of error and considers ways of reducing it.
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Airline Competition & Game Theory, 1999.
Applies game theory to airlines' fare-setting. Description of economic & mathematical theory, modeling & strategies, yield management, zero-sum.
2,925 words (approx. 11.7 pages), 11 sources, $ 103.95
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From the Paper
"ABSTRACT
One research question was addressed in this study. That question is as follows: ?Can the competitive behavior of air transportation companies in the United States market in relation to setting fares be explained as an application of game theory??
Game theory, as applied in the airfare wars. forecasts how competitors will respond when confronted with certain competitive situations. When formulating business strategy, no company can afford to ignore how competitors will behave. Game theory is based on the premise that in any competitive situation there are factors at work which lend themselves to mathematical representation and analysis. In turn, these representations and analyses will help explain how a result will occur.
The findings of this research indicate that the airfares competition gives the appear.."
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Micro-economics Game Theory, 2005.
Examines how the analysis of strategic behavior in oligopoly theory is performed by economists.
1,522 words (approx. 6.1 pages), 4 sources, MLA, $ 50.95
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Abstract
Economists analyze strategic behavior in oligopoly theory by the use of a spectrum of models ranging from the static to the currently more popular and most recent game--theoretical models. This paper shows, however, that it's important to distinguish models or strategic behavior from traditional static models of oligopoly. Moreover, it becomes useful to present a number of strategic game theory models and particularly those incorporating strategic commitment to gain an appreciation for precisely how economists analyze strategic behavior.
Paper Outline:
Thesis Statement
A Brief Historic Overview
The Courtnet Framework
The Stackelberg Model'
Game Theory - Pros and Cons
Irrevocable Commitment
Asymmetric Information
Bibliography
From the Paper
"Game theory has generated a great deal of interest in oligopoly although it has not risen to prominence without controversy. Its detractors argue that game theory has made little contribution to our understanding of oligopoly behavior and it has been likened to the study of Latin. Quoting Fisher, "Latin, like game theory might not be interesting for its own sake but that studying it helps to systematize the way one thinks about language." Fisher also accuses theorists of dealing with every problem in game-theoretic terms including problems that are easier to deal with in other forms."
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World System Theory and Regime Theory, 2005.
An exploration of two systems theories (World System Theory and Regime Theory) within the discipline of global political economy.
2,290 words (approx. 9.2 pages), 16 sources, MLA, $ 70.95
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Abstract
This paper deals with two system theories that attempt to explain how asymmetrical power relations in respect of economics, politics and society from the global organisation of nations and states. It includes a brief history of these system theories, their ontology and epistemology and an analysis of their critiques.
From the Paper
"The idea of a systems approach to political economy originated in the natural sciences; the world is seen as a whole entity and in this respect it is a holistic view, i.e. the properties of a system cannot be determined or explained by the sum of its components alone. This is a departure from previous subjectivist theories that considered the objective sphere an unknown and/or an unknowable concept. "
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Chaos Theory, Complexity Theory and Health Services, 2005.
A discussion on "In Commentary: The Potential of Chaos Theory and Complexity Theory for Health Services Management", by Margaret Arndt and Barbara Bigelow.
1,350 words (approx. 5.4 pages), 1 source, $ 53.95
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Abstract
This paper examines Margaret Arndt and Barbara Bigelow's book which discusses the relevance and potential of the chaos and complexity theories in terms of improving health services management in the United States. It highlights that reevaluating professional knowledge and assumptions in a field as complex as health care can be unsettling, but it can also invigorating.
From the Paper
"In "Commentary: The Potential of Chaos Theory and Complexity Theory for Health Services Management", Margaret Arndt and Barbara Bigelow examine the relevance and potential of these theories in terms of improving health services management in the United States. They emphasize that reevaluating professional knowledge and assumptions in a field as complex as health care can be unsettling, but it can also invigorating. Because of the potential benefits of such an approach, Arndt and Bigelow (2000) argue in their article that applying chaos theory and complexity theory to health services management is worthy of pursuit, despite potential controversy or disputes regarding the validity of this approach. Since America's health care system is plagued by inherent complexity and chaos, applying ..."
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Mcgregor's Theory X & Theory Y, 1990.
Origins of concepts, content, assumptions and impact on supervision in workplace.
2,250 words (approx. 9.0 pages), 7 sources, $ 79.95
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From the Paper
"Theory X" and "Theory Y" are terms devised by sociologist Douglas McGregor, in the late 1950s, to describe two fundamentally contrasting theories towards the nature of work and human motivation. "Theory X" is the view that workers basically do not want to work, and will do anything to avoid it; the essential business of management is therefore to use a combination of threats and rewards to keep their workers at work. "Theory Y" is the view that work is in fact as natural to human behavior as play or rest; management can thus function best by harnessing this natural human tendency to make the workers' own work.motivations harmonize with the needs of the organization.
The following report is a survey of McGregor's Theory X and Theory Y: their origins, their content and assumptions, their origins and place in broader human psychology, and their effect.."
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Sociocultural Theory and Input and Interaction Theory, 2004.
Compares and contrasts the Russian psychologist Vygotsky?s 'Sociocultural Theory' with 'Input and Interaction Theory'.
2,642 words (approx. 10.6 pages), 17 sources, APA, $ 79.95
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Abstract
This paper begins with a definition of both Vygotsky's Sociocultural Theory and Input and Interaction Theory. The paper then goes on to note how the two theories differ and where they are similar in their approach, as well as how they are applied to everyday issues, such as teaching language.
From the Paper
"Sociocultural theory was first conceived and developed by Russian psychologist Lev Semyonovich Vygotsky?s, (1896-1934). His most productive years were at the Institute of Psychology in Moscow (1924?34), where he expanded his ideas on cognitive development, particularly the relationship between language and thinking. His writings emphasized the roles of historical, cultural, and social factors in cognition and argued that language was the most important symbolic tool provided by society. His book, ?Thought and Language? is a classic text in psycholinguistics? theoretical contributions to the development of curricula and teaching strategies."
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Broad Nursing Theory and Mid-Range Theory, 2002.
Compares two different theories of nursing and argues that one of them is more conducive to experimentation and solid conclusions.
900 words (approx. 3.6 pages), 4 sources, $ 35.95
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Abstract
This essay discusses broad nursing theory and mid-range theory. The specific theories that are used as examples are comfort theory (mid-range) and self care deficit theory (broad theory). The paper shows that both theories are constructive to nursing, but that mid-range theory allows experimentation and solid conclusions.
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