Evolutionary Game Theory: Game Theory, Applied Probability, Scenario Planning

DSA ADS Course - 2021

Game Theory, Applied Probability, Scenario Planning, Evolutionary Game Theory

Important to have basic knowledge of game theory. 

Game theory considers problems confronted by decision-makers with diverging interests like firms competing for a market. Players have to choose between strategies whose payoff depends on their rivals’ strategies. This interdependence leads to a mutual ‘outguessing’, as with chess (she thinks that I think that she thinks…).

There usually is no solution that is unconditionally optimal, no matter what the co-players are doing.

Scenario planning applying probabilities - trial and error - and near real-time adaptation is usually best strategy.

Consider strategy vs. tactics. Best data for decision-making. Decision-making processes.