Reflection

Nash Equilibrium – The Nash Equilibrium consists of two sides that can both gain profit. They both gain profit without changing the strategies of each other.

Game Theory – Game Theory is all around us in the world today. It is where someone bases their strategy off of how another person is acting.

Prisoner Dilemma – It is very similar to Game Theory. It is when someone is being forced to make a decision that affects both sides.

 

The Serendip online interactive dilemma game was very interesting. This game was very life like. If I kept cooperating with it, it would keep agreeing with me as well. This was maximizing both of our profits. However, the moment that I disagreed, they disagreed in every round that followed. They wanted revenge for when I betrayed them.

 

In History: The cold war, the U.S and Soviet Union were in a giant game of chess with each other.

In Government: Both political parties won’t agree on certain things unless the other does. This goes the same for disagreeing on certain things.

In Economics: Oil companies will raise and lower their prices to deal with other companies.

Sociology: Sociology is the study of how this works, so it is worked with every day.

Psychology: Studies how the mind reacts in certain situations like this.

Everyday life: You make decisions based on these theories all day long, whether to turn left or right, eat something or not.

 

I thought that the oil producing game was very fun/interesting to play. You really got to see people’s true personalities and interests. For example, some people just wanted more money while others wanted to be honest and fair to the other group. I really liked the fact that we hid the scores. That made the suspense that much more.

 

My overall rating is a 10. I really enjoyed doing these games. I really do not think there is any way to better this chapter. I think that if it is done the way we did it, that is the best way.