Use of Graphical Method For Solving Game Without Saadle Point |
Gametheory studies situations in which parties compete, and alsopossibly cooperate, to influence the outcome of the parties' interactionto each party's advantage. The situation involves conflict between theparticipants, called players because some outcomes favour oneplayer at the expense of the other players. What each player obtains froma particular outcome is called the player's pay-off. Each player canchoose among a number of actions to influence his pay-off. However, eachplayer's pay-off depends on the other players' choices. Moreover, outcomes canalso be influenced by "chance occurrences."