1 of 8

OPERATION RESEARCH

Dr.K.VANITHEESWARI,Ph.D.,

Assistant Professor,

PG and Research Department of Commerce

C.P.A College, Bodinayakanur.

2 of 8

GAME THEORY

Game theory is a mathematical framework that can be used in operation research to analyze decision-making scenarios and predict outcomes:
“Game theory is a decision theory that helps players determine their actions by considering all possible alternatives of their opponents, it’s used in situations where the outcome of a decision depends on the decisions of others.”

Dr.K.VANITHEESWARI,Ph.D., Assistant Professor, PG and Research Department of Commerce, CPA College, Bodinayakanur.

THEIR PROPERTIES;

Game theory in operation research can be characterized by a number of characteristics,including:

FAIR GAME

In game theory , a fair game is a game where there is no loss or gain for any players, or in other words, the value of the game is zero.
If the value of the game is zero then it is called fair game.

TWO PERSON ZERO SUM GAME

A two-person zero sum game is a fundamental model in game theory that describes a situation where two players are in direct competition and the sum of their payoff is always zero.
The game which has only two players and where the gain of one is the loss of the other is called two person zero sum games.

SADDLE POINT

A Saddle point of a pay-off matrix of a game is that position in the pay-off matrix where the maximum of the row minima coincides with the minimum of the column maxima.
In game theory, a saddle point is the outcome that rational players would choose in a two-person comstant-sum game. It is also known as a minimax point.

TYPES OF STRATEGIES

PURE STRATEGIES:

A special case of mixed strategies, where only probabilities of 0 or 1 are assigned to actions.

MIXED STRATEGIES: