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Applications of Game Theory

Description: This quiz covers various applications of Game Theory, a branch of mathematics that studies strategic decision-making in situations with multiple players.
Number of Questions: 14
Created by:
Tags: game theory strategic decision-making nash equilibrium prisoner's dilemma
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In a two-player zero-sum game, the payoff to one player is:

  1. Always positive

  2. Always negative

  3. Always zero

  4. Equal to the payoff of the other player

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Correct Option: D
Explanation:

In a zero-sum game, the gains of one player are exactly balanced by the losses of the other player.

The Nash Equilibrium in a game is:

  1. A set of strategies where no player can improve their outcome by changing their strategy unilaterally

  2. A set of strategies where all players have the same payoff

  3. A set of strategies where the total payoff is maximized

  4. A set of strategies where the total payoff is minimized

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Correct Option: A
Explanation:

The Nash Equilibrium is a set of strategies where no player has an incentive to deviate from their current strategy, given the strategies of the other players.

The Prisoner's Dilemma is an example of a:

  1. Zero-sum game

  2. Non-zero-sum game

  3. Cooperative game

  4. Non-cooperative game

Show answer
Correct Option: B
Explanation:

The Prisoner's Dilemma is a non-zero-sum game because the payoffs to the players depend on the strategies of both players.

In a cooperative game, the players:

  1. Can communicate and make binding agreements

  2. Cannot communicate or make binding agreements

  3. Can communicate but cannot make binding agreements

  4. Cannot communicate but can make binding agreements

Show answer
Correct Option: A
Explanation:

In a cooperative game, the players can work together to achieve a common goal.

Game Theory is used in a variety of fields, including:

  1. Economics

  2. Political Science

  3. Biology

  4. All of the above

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Correct Option: D
Explanation:

Game Theory is used in a wide range of fields, including economics, political science, biology, and computer science.

In a game with complete information, the players:

  1. Know all the payoffs and strategies of the other players

  2. Know only their own payoffs and strategies

  3. Know only the payoffs of the other players

  4. Know only the strategies of the other players

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Correct Option: A
Explanation:

In a game with complete information, the players have perfect knowledge of the game.

In a game with incomplete information, the players:

  1. Do not know all the payoffs and strategies of the other players

  2. Know only their own payoffs and strategies

  3. Know only the payoffs of the other players

  4. Know only the strategies of the other players

Show answer
Correct Option: A
Explanation:

In a game with incomplete information, the players do not have perfect knowledge of the game.

A mixed strategy in a game is:

  1. A strategy where the player chooses a single action with probability 1

  2. A strategy where the player chooses a single action with probability less than 1

  3. A strategy where the player chooses multiple actions with probability 1

  4. A strategy where the player chooses multiple actions with probability less than 1

Show answer
Correct Option: D
Explanation:

A mixed strategy is a strategy where the player randomizes over their actions.

The minimax theorem states that:

  1. In a two-player zero-sum game, each player has a strategy that guarantees them a certain minimum payoff, regardless of the strategy of the other player

  2. In a two-player zero-sum game, each player has a strategy that guarantees them a certain maximum payoff, regardless of the strategy of the other player

  3. In a two-player non-zero-sum game, each player has a strategy that guarantees them a certain minimum payoff, regardless of the strategy of the other player

  4. In a two-player non-zero-sum game, each player has a strategy that guarantees them a certain maximum payoff, regardless of the strategy of the other player

Show answer
Correct Option: A
Explanation:

The minimax theorem is a fundamental result in Game Theory that provides a way to find optimal strategies for players in two-player zero-sum games.

The Nash Bargaining Solution is a method for:

  1. Finding a fair allocation of payoffs in a cooperative game

  2. Finding a fair allocation of payoffs in a non-cooperative game

  3. Finding a Nash Equilibrium in a cooperative game

  4. Finding a Nash Equilibrium in a non-cooperative game

Show answer
Correct Option: A
Explanation:

The Nash Bargaining Solution is a widely used method for finding a fair allocation of payoffs in cooperative games.

The Shapley Value is a method for:

  1. Measuring the power of a player in a cooperative game

  2. Measuring the power of a player in a non-cooperative game

  3. Finding a Nash Equilibrium in a cooperative game

  4. Finding a Nash Equilibrium in a non-cooperative game

Show answer
Correct Option: A
Explanation:

The Shapley Value is a widely used method for measuring the power of a player in a cooperative game.

Game Theory has been used to study a wide range of real-world problems, including:

  1. Auctions

  2. Bargaining

  3. Pricing

  4. All of the above

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Correct Option: D
Explanation:

Game Theory has been used to study a wide range of real-world problems, including auctions, bargaining, pricing, and many others.

Game Theory is a relatively new field of study, with most of the major developments occurring in the:

  1. 19th century

  2. 20th century

  3. 21st century

  4. None of the above

Show answer
Correct Option: B
Explanation:

Most of the major developments in Game Theory occurred in the 20th century.

Some of the most famous game theorists include:

  1. John von Neumann

  2. Oskar Morgenstern

  3. John Nash

  4. All of the above

Show answer
Correct Option: D
Explanation:

John von Neumann, Oskar Morgenstern, and John Nash are some of the most famous game theorists.

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