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Marion Michael Rounds (born October 24, 1954) is an American businessman and politician serving as the junior United States senator from South Dakota since 2015. A member of the Republican Party, he served as the 31st governor of South Dakota from 2003 to 2011. Rounds was raised in Pierre, South Dakota.
Game theory is the study of mathematical models of strategic interactions. [1] It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. [2]
The president aired doubts about Russian meddling in order to stick it to Vladimir Putin, Sen. Mike Rounds hypothesized.
Jan 25, 1997 · Game theory is the study of the ways in which strategic interactions among rational players produce outcomes with respect to the preferences (or utilities) of those players, none of which might have been intended by any of them.
- Sketch of The Theory
- Game Theory as A Theory of Rationality
- Game Theory as A Predictive Theory
- Conclusion
- References and Further Reading
Game theory belongs to a family of theories often subsumed under the umbrella term Rational Choice Theory. All these theories (in particular, decision theory, game theory and social choice theory) discuss conditions under which agents’ actions, or at least their decision to act, can be said to be rational. Depending on how these conditions are inte...
Game theory has often been interpreted as a part of a general theory of rational behavior. This interpretation was already in the minds of game theories’ founders, who wrote in their Theory of Games and Economic Behavior: To interpret game theory as a theory of rationality means to give it a prescriptive task: it recommends what agents shoulddo in ...
We now turn from the use of game theory as a normative theory to its use as a scientific theory of human behavior. Game theory, as part of Rational Choice Theory, is an important social scientific method. There is, however, considerable controversy about the usefulness of Rational Choice Theory for the purposes of the social sciences. Some of this ...
Game theory, this survey showed, does not provide a general and unified theory of interactive rationality; nor does it provide a positive theory of interactive behavior that can easily be tested. These observations have many implications of great philosophical interest, some of which were discussed here. Many of the questions that arise in these di...
Aumann, Robert. “What is Game Theory Trying to Accomplish?” Frontiers of Economics. Ed. K Arrow and S. Honkapojah. Oxford: Blackwell, 1985.Aumann, Robert. “Backward Induction and Common Knowledge of Rationality,” Games and Economic Behavior8 (1995): 6-19.Bacharach, Michael. “Variable Universe Games,” Frontiers of Game Theory. Ed. Binmore, Kirman and Tani. Cambridge, Mass.: MIT Press, 1993. 255-75.Brandenburger, Adam. “Knowledge and Equilibrium in Games,” Journal of Economic Perspectives6 (1992): 83-101.Game theory is a toolkit for strategic analysis. Specify a game: payoffs represent total utility. Use all available information to describe the game. But once we are in the game, we are in the game. Base the analysis on the game’s elements alone.
Jan 25, 1997 · Game theory is the study of the ways in which interacting choices of economic agents produce outcomes with respect to the preferences (or utilities) of those agents, where the outcomes in question might have been intended by none of the agents.
