Boston University Chapter 13 Real Life Application of Game Theory Paper For this report: Review topics presented in Chapter 13. As you know game theory to

Boston University Chapter 13 Real Life Application of Game Theory Paper For this report:

Review topics presented in Chapter 13. As you know game theory topic in economics is a bit challenge to grasp. The following web sites (particularly the first one) try to provide some interesting examples:

http://www.businessinsider.com/how-to-use-game-theory-to-your-benefit-2012-4# (…see the links for “7 Easy Ways To Use Game Theory…” links)

Applying Game Theory to Real Life Situations

Find/create your own example for a real life application of game theory.

b) Write a report (clearly typed in a MS-Word file using MS-Word). Your report should be broken into two sections:

Section 1 (first paragraph): Summary of your own real life example (introduction); You can do some web-search, but (as usual) do not copy/paste excerpts directly from the textbook or various web-sites (though you should provide the short links to the sites you benefited/used as primary and secondary sources in your research). Summary should be in your own words and should be based on your understanding of the issue covered in those sources.

Section 2 (at the most two-three paragraphs long): Your thoughts on the example you presented. Critically evaluate your case/example; for example, tell me if this would work in real life situation (why/why not)?