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Sensible decision-making is critical for the success of projects. In project management, game theory is used to model the decision-making process of players, such as investors, project managers, contractors, sub-contractors, governments and customers.
Behavioral game theory seeks to examine how people's strategic decision-making behavior is shaped by social preferences, social utility and other psychological factors. [1] Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory, [2] experimental economics, and experimental psychology.
The game of Wald's maximin model is also a 2-person zero-sum game, but the players choose sequentially. With the establishment of modern decision theory in the 1950s, the model became a key ingredient in the formulation of non-probabilistic decision-making models in the face of severe uncertainty.
The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each.
In game theory, a Bayesian game is a strategic decision-making model which assumes players have incomplete information. Players may hold private information relevant to the game, meaning that the payoffs are not common knowledge. [1] Bayesian games model the outcome of player interactions using aspects of Bayesian probability.
The classical explanation of the ultimatum game as a well-formed experiment approximating general behaviour often leads to a conclusion that the rational behavior in assumption is accurate to a degree, but must encompass additional vectors of decision making. [23]
Game theory in general includes games of chance, games of imperfect knowledge, and games in which players can move simultaneously, and they tend to represent real-life decision making situations. Combinatorial game theory has a different emphasis than "traditional" or "economic" game theory, which was initially developed to study games with ...
Some researchers have turned to MFG in order to model the interaction between populations and study the decision-making process of intelligent agents, including aversion and congestion behavior between two groups of pedestrians, [13] departure time choice of morning commuters, [14] and decision-making processes for autonomous vehicle.