Game Theory Tutorial: Dynamic Games: Level-k in the Beauty Contest Game

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Game theory is the standard quantitative tool for analyzing the interactions of multiple decision makers. Its applications extend to economics, biology, engineering and even cyber security. Furthermore, many complex systems involve multiple decision makers and thus a full analysis of such systems necessitates the tools of game theory.
This tutorial is the second part of of Dr. Justin Grana's tutorial on game theory from Complexity Explorer. The tutorial is divided into three parts: Dynamic and sequential games with discusses extensive-form representation. The second part of the series discusses bounded rationality and imperfect decision making and information, both in theoretical models and in laboratory settings. Finally we look at Gambit, a software program used by theoreticians to solve games.
For the full course and more, visit www.complexityexplorer.org

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14 июн 2017

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Комментарии : 8

@notepad4699 7 лет назад

This was very helpful. Thank you!

@AlexPotts 7 месяцев назад

Excellent explanation

@youngwolf6896 2 года назад

Good video. I like your demeanour.

@erinthomas6842 4 года назад

Very helpful. Thanks

@kyb738 2 года назад

I love the insight and explanation but I really believe that a level k player would actually go based off of the average of the player in the room based off of previous knowledge. The way that you explain it makes it very black-and-white. But at the same time the highest performing player Would be using knowledge they gained off of previous players. Rather than assuming that they would be the level below them. I also think that level 0 players wouldn't have the thought capacity to choose 50 Because if they are truly randomizing they wouldn't be choosing a number to benefit the group. Which in turn would skew all of these numbers. The easiest way to spot a player 0 would be the rate in which they turn in their answer. The only way to truly gauge this theory would be to have 25 people in a room together. To not only come up with an answer based off of mathematics but based off of human reaction. And theory this concept would make a lot of sense, But I'd be curious to see if that study was only done amongst people who had gone to college. If you were to do a widespread survey of people of every educational level these metrics wouldn't make sense.