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The Complete Idiot's Guide to Game Theory: The Fascinating Math Behind Decision-Making
Download Ebook The Complete Idiot's Guide to Game Theory: The Fascinating Math Behind Decision-Making
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About the Author
Edward C. Rosenthal, PhD, is an award-winning professor at Temple University in the Fox School of Business, where he has taught courses in logistics, game theory, and production management to both the graduate and undergraduate levels. Dr. Rosenthal is the author of The Complete Idiot's Guide to Game Theory, which author William Poundstone described as providing "a perfect introduction to an ever-vital topic."
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Product details
Series: Complete Idiot's Guide to
Paperback: 384 pages
Publisher: Alpha (March 1, 2011)
Language: English
ISBN-10: 161564055X
ISBN-13: 978-1615640553
Product Dimensions:
7.4 x 0.8 x 9.1 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
3.9 out of 5 stars
27 customer reviews
Amazon Best Sellers Rank:
#201,943 in Books (See Top 100 in Books)
Imagine the perfect pound cake, with the just-right mixture of substance and sweetness, moisture and flakiness, crust and interior. The title of my review, Perfect Information, may be an inside joke, being a well-defined term in game theory but it is also an apt description of Ed Rosenthal's engaging introduction to a difficult subject. In most other treatments, Game Theory is presented in a format that is either bone dry, too mathematical, or too superficial. The author, an award-winning teacher and research scholar in the field and the veteran of thousands of classroom experiences teaching Game Theory and related subjects, manages to avoid all these extremes, delivering a text that has the perfect blend of theory, illustrative example, and intuitive explanation.The Subject: Important with Wide-Ranging Applications-------------------------------------------Game theory is an increasingly important discipline that applies mathematics to everyday decision making. It provides important insights into such diverse areas as military strategy, economics, biology and public policy. And its results provide important insights into how humans interact with each other. It provides a theoretical framework for thinking about key issues such as competition vs cooperation, information sharing, and rationality (or its lack) in decision making.Style and Substance: An Easy Engaging Style with lots of Examples and Case Studies--------------------------------------------------------Unlike most other introductions to Game Theory, the book grabs you on almost every page by its liberal use of case studies, examples, and intuition-building discussion of the key concepts. For example the discussion of Prisoner's Dilemma starts off with the prisoners, but then quickly moves the discussion to general applications of the concept, where the "dilemma" comes from, how the players might approach it, and then immediately goes into three case studies or examples - Joint ventures, advertising wars, and bill-splitting among friends. This engaging design makes it both fun to read and amazingly easy to understand the concepts even if you have ADD.What the book covers-----------------The book covers a lot of ground and is oranized into five major topics. The first section, THE Basics, covers the fundamental theory with lots of examples. The second, How Information Affects Games, covers the concepts of perfect and imperfect information. The third, Getting Ahead by Working Together, looks at bargaining, fair division, and cooperation vs. competition. THe fourth, Individual Values vs. the Group, covers the Tragedy of the Commons, Auctions, and mechanisms to minimize moral hazard. Finally, Behavior in Games covers biology in games, utility theory, behavioral decision theory, and behavior in games.Together, these topics are sufficient to give the serious reader a full grounding in the principles and applications of game theory. It is equally easy to use this book as a reference - to be consulted on a particular topic, since the chapters pretty much stand alone.Audience: Who is this book for?------------------------Although anyone with a curious mind is likely to get something out of this book, there are four groups of readers who will find the book especially useful: certain professionals, students, business decision makers/managers, and armchair philosophers.- Certain professionals, such as doctors, economists, biologists, political scientists, marketing specialists, advertising executives, public relations experts, traders, and strategists will find this book a refreshing source of very useful information in their field- Students who are enrolled in MBA or similar programs, business undergraduates, and especially those who have game theory as part of their curriculum should find this book an invaluable tool for building intuition.- A large variety of professionals and managers are confronted with decisions daily that have an element or flavor of the games discussed in this book. They will find the framework very useful for decision making even if they never cast their specific problems into mathematical form.- Perhaps the audience that would enjoy the book the most is the intelligent individuals and armchair philosophers of the world. The wealth of real life examples makes the discussion of concepts very real and fun to read.So, are you a student? A quantitative decision maker? A manager? A curious intellectual? Have you been involved in an auction? Do you follow sports teams and statistics? Do you worry about how to make the world a better place? If any of these apply to you, you will find Rosenthal's book a fun and fascinating companion in your armchair travels.
This is the clearest and most useful explanation of game theory that a non-mathematician can likely find. A big plus is that it goes beyond conventional, "rational" game theory to bring game theory into the real world. So along with Nash equilibria, signaling, asymmetric information, auctions, and such, you also get studies of actual human behavior in game scenarios.A critical difference between game theory as a subset of mathematics and game theory as a social science, is that conventional game theory often assumes every game is a one-time occurrence. That is, the players have never met and will never play again.But in the real world, the author notes, we tend to interact with people we know or expect to have dealings with in the future. This can change a player's best strategy. For instance, in the Prisoner's Dilemma game, where a player has the choice of cooperating with the other player or "defecting", the Nash equilibrium is for the player to always defect. But studies show that if the players believe there is at least a 2/3 chance the same players will play again, then a tit-for-tat strategy is more effective. (In tit-for-tat, you base your move on what the other player did in the previous game, e.g., cooperating if he cooperated, defecting if he defected.)The book's back cover blurb notes that Prof Rosenthal is both a mathematician and a business professor. And the recipient of teaching awards. I can certainly believe that -- the book demonstrates both the author's intimate familiarity with the subject matter and the knack to have it all make sense to the reader.
What I like most about this book was the wide variety of applications and the diversity of examples, including examples ripped from recent headlines. Also, I couldn't help but think of immediate applications I'd otherwise never have though of. For example, my company is going through a spasm of voluntary early retirement (offering a bonus) and involuntary layoffs (which don't), but the probability of getting laid off depends on how many other people take early retirement. A lot of strategizing going on right now.This book does an excellent job of building intuition for the basic game theory cases (zero sum, Prisoner's Dilemma and other non-zero sum games), then guiding the reader to broader and broader situations -- imperfect information and signalling, cooperative games and fair division problems, voting systems, auctions. These cases and their solution approaches are explained clearly and in an engaging style. There are many examples, including several very interesting real-world case studies, for example Blu-Ray vs. HD-DVD, Cuba missile crisis, tobacco advertising, various elections, auctions for transmission rights, Coke vs. Pepsi, and many others. One important theme is that lose-lose situations can sometimes be transformed into something better, for example by building trust among parties.The last section expands to very wide-ranging and unexpected applications. For example, game theory models are now successfully used by biologists both at the level of individual organisms and of entire populations. Paradoxes of traditional economic behavioural assumptions are addressed, with discussion of both alternative theoretical models and the fascinating results of game theory experiments that test those alternatives.Credit is given throughout the book to the individuals who developed these ideas, a nice touch that humanizes the field and gives some historical context. There's an excellent list of further resources for deeper investigation.One thing I learned is that the solution strategies can be quite different for slightly different games. It's rather like solving differential equations -- very different strategies for slightly different problem variants. It's a bit unfortunate since it makes the field seem less elegant, without a simple core solution concept.It's easier to read this book in paper than on a Kindle. Since later chapters build on concepts and examples introduced earlier, one sometimes wants to quickly jump back to review, and that's still easier to do with a real book where you can flip through pages quickly.
As the title says, everything is clearly explained, in a very accessible language and with many examples, just what I was looking for.
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