Chapter 10, Problem 11DQ

Program Plan Intro

Game theory:

• It is nothing but a mathematical theory for developing strategies that helps maximizing profits and minimizing losses while following to a set of instructions and restrictions.
• In game theory, a single communication is called as a “game” and the people who involved in decision making are called as “players”.
• This theory is applied in decision making problems in order to solve a problem.
  • Here, two or more participant’s deals with multiple choices of action by which they might gain profit or loss, depending on what other participants choose to do or not to do. The final result is determined by the strategies made by all the participants.
• A game theory called Port Resiliency for Operational/ Tactical Enforcement to Combat Terrorism which is abbreviated as PROTECT. It was employed by U.S Coast Guard to randomize patrols.