Classical Game Theory
Game theory was conceived by John von Neumann to mathematically determine optimal strategies in situations in which a competition between adversaries is taking place. A contest involves a number of players, all of whom have a choice of moves for the game. Games can be a single round or repetitive. The approach a player has in making his or her moves constitutes the player's "strategy". Rules govern the outcome for the set of moves taken by the players and outcomes produce payoffs for the various players; rules and resulting payoffs can be expressed as decision trees or in a payoff matrix.
Classical game theory essentially requires that all of the players make rational choices (that is, making their strategic choice on a wholly rationally-determined evaluation of probable outcomes). As a consequence, it is fundamental in game theory that each player must consider the strategic analysis that the players' opponents are making in determining that his or her own strategic choice is appropriate.
Read more about this topic: Evolutionary Game Theory
Famous quotes containing the words classical, game and/or theory:
“Et in Arcadia ego.
[I too am in Arcadia.]”
—Anonymous, Anonymous.
Tomb inscription, appearing in classical paintings by Guercino and Poussin, among others. The words probably mean that even the most ideal earthly lives are mortal. Arcadia, a mountainous region in the central Peloponnese, Greece, was the rustic abode of Pan, depicted in literature and art as a land of innocence and ease, and was the title of Sir Philip Sidney’s pastoral romance (1590)
“I hate that aesthetic game of the eye and the mind, played by these connoisseurs, these mandarins who “appreciate” beauty. What is beauty, anyway? There’s no such thing. I never “appreciate,” any more than I “like.” I love or I hate.”
—Pablo Picasso (1881–1973)
“Frankly, these days, without a theory to go with it, I can’t see a painting.”
—Tom Wolfe (b. 1931)