Non-Cooperative

In: Business and Management

Submitted By miimiqi
Words 632
Pages 3
A game theory consists of a model that can help us understand how managers, investors and other related parties deal with economic consequences of financial reporting. There are many different types of games, such as cooperative and non-cooperative. The model that will be discussed in this report is on non-cooperative. A game theory consists of an interaction between two or more players. Each player is assumed to maximize their expected utility (profit). Most of the time, this interaction occurs when there is uncertainty and information asymmetry. On top of that, the players must also take into account the actions of the other players when making a decision.
The fourth slide illustrates an example of two players involved in a competition. Suppose that there is player A and player B. The actions of player A can be difficult to predict, since his action depends on what he thinks player B will take, and vice versa. Therefore, players’ decisions greatly depend on assumptions. A non-cooperative game has no form of negotiation and no binding contracts. This means that no agreement has been made on purpose. Furthermore, both parties do not exactly know the other party’s action will be. A good example of a non-cooperative model will be the “chicken” game. It is basically about two drivers who drive their cars very fast towards each other. Both drivers have to make their decisions to either drive straight or to swerve at last minute and the one who swerves first will be the looser. The combinations of decisions of both drivers are displayed in the payoff matrix; each driver would want to go straight and win the game. However, the fact that they do not know what the other driver will do makes them hesitate about their actions.
Moreover, the payoff matrix can be converted into a utility payoff table by plugging some numbers. For example, if both drivers go straight, they…...

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