StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Stag Hunt Game Models - Coursework Example

Cite this document
Summary
This coursework talks about the game models in terms of both the evolutionary game theory and the standard game theory that can be applied to the stag hunt game which is a game that defines the conflict as well as the dilemma between social cooperation and safety…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.9% of users find it useful
Stag Hunt Game Models
Read Text Preview

Extract of sample "Stag Hunt Game Models"

Stag Hunt game models Insert (s) Stag Hunt game models Stag hunt is a game that defines the conflict as well as the dilemma between social cooperation and safety. In this kind of game, two players may choose to hunt a hare and a stag individually. Each player is however usually required to make their choices without letting it known to the other party. The two individuals must however seek the cooperation of each other in order to succeed in their game (Bacharach, 2006, p.67). For example an individual can successfully hunt down and get a hare by hunting alone but a hare is considered to be worth significantly less than a stage. Consequently derived from stag hunt game is often used as one of the important analogies for social cooperation. With regard to the game theories, the main difference between game theory and standard game theory is that game theory is largely based on the assumption that the players in a particular game are always rational and using their best strategies. On the other hand, evolutionary game theory is often based on the assumption that players are always biased toward their choice of strategies. There are also a number of other games that can also be effectively used to depict social cooperation. Some of these games include the prisoner’s dilemma and analysts believe it better than stage hunt with regard to its explanation of Social Corporation. The primary difference between stag hunt game and the Prisoners dilemma is that the game usually involves two Nash equilibria in the event that both the two players cooperate or defect at the same time. On the other hand, Prisoners dilemma as a game generally involves a Pareto efficient cooperation between two players but as opposed to stag hunt, Nash equilibrium is only present in the event that both the two players decide to defect. This paper discuses stag hunt game models, the predictions using evolutionary and standard game theories as well as the contribution of such outcomes to the social sciences. In the context of social cooperation, game theory can be defined as the study as well as the predictions of the outcomes of strategic interactions between economic agents with respect to their individual utilities and preferences particularly in the situations where the outcomes are expected by none of the agents (Fudenberg and Tirole, 1991, p.77). In a stag hunt game, there is usually one side considered to be risk dominant while the other side is regarded as payoff dominant. Although many analysts regard the prisoner’s dilemma as the best game that effectively represents the concept of social cooperation, many people also strongly believe that stag hunt as a game is equally significant in the understanding of some of the challenges of social cooperation. According to Skyrms (2004, p. 45), there are a number of similarities between the two games of stag hunt and prisoner’s dilemma. For example most of the outcomes that can be predicted by prisoner’s dilemma can also be effectively predicted by stage hunt. On the other hand, classical game theory demands that all players in a particular game should make rational decisions regarding their strategic moves. For example each of the players can monitor the moves made by their opponents before they make strategic and appropriate decisions to counter such moves (Myerson, 1991, p. 89). For example assuming that two players were involved in a game where a car a given junction was faced with the choice of either moving fast or waiting for the other car to move, the pay-off matrix can be designed as below.     Car 2       First Second Car 1 First 0, 0 2,2   Second 2, 2 0,0 In the above diagram, it is observable that there are only two Nasj equilibria given as (2,2) and this only means that equilibrium is absent. It is worth noting that the lack of nash equilibrium as well as the occurrence of multiple equilibrium is one of the major weaknesses of standard game theory. This problem can however be effectively solved as long as the initial condition is well known (Chinchuluun, 2008, p.107). Evolutionary equilibrium generally has more emphasis on history. In this regard, the decision of whether car 1 should wait for the Car 2 or not can only depends on the history. The unique equilibrium is therefore presented in at the top right quadrant. On the other hand, standard game theory is concerned with the study of alternative results that may result from the varying choices of the two players. Consequently the main emphasis is usually to ensure that the choices of the players affect the outcomes for each one of them. A good example of this concept of standard game theory can be a hypothetical advertisement game between Coca Cola Company and Pepsi Soft Drinks Company. Cola Company wants to advertise some of its new products to enhance its profitability which is valued at $250 million. In this case an important question will be the response of Pepsi soft drinks. Most probably the Pepsi soft drinks company will respond to the challenge through an alternative advertisement strategy. For example the profit of Coca Cola will be $ 300 million if the company uses $ 10million in its advertisements. This is however only if Pepsi soft drinks do not advertise. In this regard, it can be predicted that a failure by Pepsi to advertise will make them gain $100 million in profit while if they choose to advertise, they will acquire $300 million profits just like their rivals, the Coca Cola. From these predictions, it will be in the best interest of Coca Cola to advertise since they will make additional profit of $50 while Pepsi will most likely not advertise as it will reduce their profits by $60. This example clearly demonstrates the significance of corporations particularly in business entities. The outcomes indicate that it was in the best interest of the two companies to cooperate with each other by agreeing to avoid advertisements to help both of them retain their market share s as well as profits. Standardized stag hunt game theory therefore opposes competition among organizations since it often results in wastage of resources without necessarily yielding positive results. The cooperative equilibrium that is seen in this game generally resembles the ones common in stag hunt model games. For example it can be safely argued that if just like in the stag hunt model, the variables in this case are the customers who are being hunted by the two companies through advertisements. Although collaborations may sometimes prove risky, it is largely recommended to corporate organizations since it can significantly help in the mitigation of some risks while at the same time maintaining positive results (Hofbauer and Sigmund,1998, 45). The outcomes of both evolutionary and standardized game theories have significant potential use in both the social sciences as well as in the solving of economic issues. This is particularly because the stag hunt game models often present more accurate predictions of outcomes as compared to the other contemporary game models (Osborne, 2004, p.136). The wide range applications of these game models also make them more popular among social scientists particularly during the analysis of strategic interactions in economic and social contexts. For example in the case of the hunter Vs stag model, there is an assured possibility of success when the two parties hunt down the stag together as opposed to when they individually hut the hare. Finally the outcomes of these game models have been used by a number of social scientists in the development of ethical theories and in the understanding of the contexts in which they are applicable. In conclusion both the evolutionary game theory and the standard game theory are effectively used to understand the concept of fairness that often results from social cooperation and collaboration as opposed to each party going it alone. These outcomes can be applied to enhance better understanding of the social and economic behavior of institutions or organizations with regard to their competition, consumer behaviors and their target markets. References Bacharach, M. 2006. Beyond Individual Choice: Teams and Frames in Game Theory. Princeton: Princeton University Press. Chinchuluun, A. 2008. Pareto optimality, game theory and equilibria. New York: Springer. Fudenberg, D., & Tirole, J. 1991. Game theory. Cambridge, Mass.: MIT Press. Hofbauer, J. & Sigmund, K.L. 1998. Evolutionary Games and Population Dynamics. Cambridge: Cambridge University Press. Myerson, R. B. 1991. Game theory: analysis of conflict. Cambridge : Harvard University Press. Osborne, M. J. 2004. An introduction to game theory. New York: Oxford University Press. Skyrms, B.S.2004. The Stag Hunt and the Evolution of Social Structure. Cambridge: Cambridge University Press. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Stag Hunt Game Models Coursework Example | Topics and Well Written Essays - 1250 words - 1”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1453044-stag-hunt-game-models
(Stag Hunt Game Models Coursework Example | Topics and Well Written Essays - 1250 Words - 1)
https://studentshare.org/macro-microeconomics/1453044-stag-hunt-game-models.
“Stag Hunt Game Models Coursework Example | Topics and Well Written Essays - 1250 Words - 1”, n.d. https://studentshare.org/macro-microeconomics/1453044-stag-hunt-game-models.
  • Cited: 0 times

CHECK THESE SAMPLES OF Stag Hunt Game Models

The Stag Hunt Game Models

However, there have been very few mentions and applications of the stag hunt game.... In this paper, we look at the choices provided by the stag hunt game where each player can either choose to act on their own, or, to collaborate with the other party.... GAME THEORY Name: Institution: Course: Date: The "Stag Hunt" game models an interaction where each player may choose to collaborate with the other player or act on their own.... The Star hunt game was a story told briefly by Rousseau....
5 Pages (1250 words) Essay

The Old Attributes of Manhood

Whatever the reasons, the men exhibiting the old attributes of manhood are held less likely to play a significant part as role models for the youth in modern civilised life.... The new models of masculinity, according to the growing literature on the subject, require that they no longer engage in barroom brawls and out-drink everybody....
24 Pages (6000 words) Coursework

Black Women, Sexuality and Sports - Role Models for Healthy Living

The study "Black Women, Sexuality and Sports -Role models for Healthy Living" portrays Sheryl Swoopes as an absolute role model for healthy living, as well as Michelle Obama who has taken the issue of women's healthcare in support of the US healthcare policies, and Lisa Leslie - the spokesperson for Sears WNBA Breast Health Awareness Program.... Swoopes is the second player in WNBA history to win both the regular-season MVP award and the All-Star game MVP award in the same season....
8 Pages (2000 words) Case Study

Witchcraft and witch hunting

Since the thirties, the phrase witch-hunt has been utilized emblematically in the description of activities by governments in an effort to seek and expose perceived enemies in most cases as a means of directing the opinion of the public through creating some level of moral panic....
12 Pages (3000 words) Research Paper

The Idea of Disordered Reasoning in Fashion Photography

This paper "The Idea of Disordered Reasoning in Fashion Photography" discusses disordered reasoning that occurs to an observer who is unfamiliar with academic discourses on Western visual culture, and suppresses this culture as a form of censorship that works against the best interests of women.... hellip;  Any reasoning that lacks the ability to be perceived in an accurate manner can be referred to in the context of disordered reason....
8 Pages (2000 words) Essay

Keats and Hunt in American Romanticism

This research paper "Keats and hunt in American Romanticism" discusses to what extent has John Keats been influenced by the American Romanticism in general and Leigh hunt in particular.... nbsp; The paper also explores the degree of hunt influence on Keats.... nbsp;… On the basis of detailed discussion of poems by hunt and Keats, there is made a distinction of humanistic appreciation of both writers.... A creative union of John Keats and Leigh hunt, their emotional 'brotherhood' resulted in poetry innovations, the involvement of American Romanticism, Cockney style, freedom of themes and humanity appreciation....
17 Pages (4250 words) Research Paper

The Origins of Modern Capitalism According to Marx and Weber

The paper "The Origins of Modern Capitalism According to Marx and Weber" highlights that Marx held that all aspects of the society, including law and religion were the expressions of the causal economic forces, thus only the major ones to be considered systematically noteworthy.... hellip; Weber is in agreement with the developments proposed by Marx as leading to capitalist development, though he views that Marx was too deterministic on the basis of economical aspects....
9 Pages (2250 words) Essay

Disability Issues of Transport Accident Commission

he model is based on existing international literature covering a range of accommodation options and support models available to people with an acquired brain inquiry (ABI) or a spinal cord injury (SCI), evidence on the effectiveness of these models in influencing outcomes was used as a basis to create approaches of individualized, flexible and cost-effective support.... uality of life outcomes research into people living in The Residential Independent Pty Ltd (RIPL) and traditional supported accommodation models highlighted the need for the role of a transition planner, which our model has similarly captured....
8 Pages (2000 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us