An Overview of Game Theory in Sociology

Game theory is a theory of social interaction, which attempts to explain the interaction people have with one another. As the name of the theory suggests, game theory sees human interaction as just that: a game. John Nash, the mathematician who was featured in the movie A Beautiful Mind is one of the inventors of game theory along with mathematician John von Neumann. How Was Game Theory Developed? Game theory was originally an economic and mathematical theory that predicted that human interaction had the characteristics of a game, including strategies, winners and losers, rewards and punishment, and profits and cost. It was initially developed to understand a large variety of economic behaviors, including behavior of firms, markets, and consumers. The use of the game theory has since expanded in the social sciences and has been applied to political, sociological, and psychological behaviors as well. Game theory was first used to describe and model how human populations behave. Some scholars believe that they can actually predict how actual human populations will behave when confronted with situations analogous to the game being studied. This particular view of game theory has been criticized because the assumptions made by the game theorists are often violated. For example, they assume that players always act in a way to directly maximize their wins, when in reality this is not always true. Altruistic and philanthropic behavior would not fit this model. Example of Game Theory We can use the interaction of asking someone out for a date as a simple example of game theory and how there are game-like aspects involved. If you are asking someone out on a date, you will probably have some kind of strategy to â€Å"win† (having the other person agree to go out with you) and â€Å"get rewarded† (have a good time) at a minimal â€Å"cost† to you (you don’t want to spend a large amount of money on the date or do not want to have an unpleasant interaction on the date). Elements of a Game There are three main elements of a game: The playersThe strategies of each playerThe consequences (payoffs) for each player for every possible profile of strategy choices of all players Types of Games There are several different kinds of games that are studies using game theory: Zero-sum game: The players’ interests are in direct conflict with one another. For example, in football, one team wins and the other team loses. If a win equals 1 and a loss equals -1, the sum is zero.Non-zero sum game: The players’ interests are not always in direct conflict, so that there are opportunities for both to gain. For example, when both players choose â€Å"don’t confess† in Prisoner’s Dilemma (see below).Simultaneous move games: Players choose actions simultaneously. For example, in the Prisoner’s Dilemma (see below), each player must anticipate what their opponent is doing at that moment, recognizing that the opponent is doing the same.Sequential move games: Players choose their actions in a particular sequence. For example, in chess or in bargaining/negotiating situations, the player must look ahead in order to know what action to choose now.One-shot games: The play of the game occurs only once. Here, the players are likely to not know much about each other. For example, tipping a waiter on your vacation.Repeated games: The play of the game is repeated with the same players. Prisoner’s Dilemma The prisoner’s dilemma is one of the most popular games studied in game theory that has been portrayed in countless movies and crime television shows. The prisoner’s dilemma shows why two individuals might not agree, even if it appears that it is best to agree. In this scenario, two partners in crime are separated into separate rooms at the police station and given a similar deal. If one testifies against his partner and the partner stays quiet, the betrayer goes free and the partner receives the full sentence (ex: ten years). If both remain silent, both are sentences for a short time in jail (ex: one year) or for a minor charge. If each testifies against the other, each receives a moderate sentence (ex: three years). Each prisoner must choose to either betray or remain silent, and the decision of each is kept from the other. The prisoner’s dilemma can be applied to many other social situations, too, from political science to law to psychology to advertising. Take, for example, the issue of women wearing make-up. Each day across America, several million woman-hours are devoted to an activity with questionable benefit for society. Foregoing makeup would free up fifteen to thirty minutes for each woman every morning. However, if no one wore makeup, there would be great temptation for any one woman to gain an advantage over others by breaking the norm and using mascara, blush, and concealer to hide imperfections and enhance her natural beauty. Once a critical mass wears makeup, the average facade of female beauty is artificially made greater. Not wearing makeup means foregoing the artificial enhancement to beauty. Your beauty relative to what is perceived as average would decrease. Most women therefore wear makeup and what we end up with is a situation that is not ideal for the whole or for the indivi duals, but is based on rational choices by each individual. Assumptions Game Theorists Make The payoffs are known and fixed.All players behave rationally.The rules of the game are common knowledge. Resources and Further Reading Duffy, J. (2010) Lecture Notes: Elements of a Game. http://www.pitt.edu/~jduffy/econ1200/Lect01_Slides.pdfAndersen, M.L and Taylor, H.F. (2009). Sociology: The Essentials. Belmont, CA: Thomson Wadsworth.

Different Approaches For Human Resource Management Essay

The environment of business is changing continuously and along with this, the human resource team need to find which strategy could be effective for the organization. There could be two different approaches for human resource managers which are best practices as well as best fit model. The proponent of best practice model state a bundle of human resource policies that include reward system whereas the best fit approaches promotes that, reward system should be aligned to the strategy of the organization. The human resource team members need to identify the effective measures to run the organization smoothly. There several characteristics of best practices that could be applied to a firm. They could be employee development, fair promotion to employees based on performance, high commitment management, progression of individual career, a well structured recruitment process as well as friendly working environment. These bundles of activities are characterized as mutually compatible human resource activities that forge elevated levels of workforce competency, persuade motivation as well as commence a work design enhancing employee commitment. Best practice approaches universally support organization to achieve competitive advantages regardless of the setting of industry. Employee training plays a vital role for the development of an organization. It would increase the efficiency of an organization. The outcome or the performance of the staff would be high if they are moreShow MoreRelatedIntegrated Ecosystem Management1445 Words   |  6 Pages1. Introduction Integrated ecosystem management (IEM) is a modern and preferred way to manage ecosystem and natural resources. IEM aims to conserve major ecosystem services and restore natural resources, while meeting the socio-economic, political and cultural needs of current and future generations (Szaro, et al., 1998). Additionally, IEM attempts to involve all stakeholders in defining sustainable alternatives for the interactions of people and their environment. 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Methodology Free Essays

The study delves on integrating authentic video into the EFL Curriculum. In that case the researcher specifically aims to exemplify the use of authentic videos to contribute to the proliferation of knowledge. Gagne, says that â€Å"many professional think of instructional technology as a systematic way of designing, carrying out and evaluating the total process of learning and teaching† (p 12). We will write a custom essay sample on Methodology or any similar topic only for you Order Now   Furthermore, the study also converse on how elementary school teachers implement changes in the business of teaching. Carless (2003) said that â€Å"teachers are frequently required to implement pedagogic innovations† (p 2). To provide a picture as regards to planning and implementation of a task-based academic improvement is a very interesting part of the study. Accordingly, this research paper was geared to uplift the interest of the students to further concentrate on their studies with the use of visual presentations. To be able to motivate the students to learn is indeed a serious matter that is why, it is very essential to exhaust a lot of effort for them to be able to go beyond what is expected and be creative. Making available different tools such as videos, it was expected that the elementary students should learn more having this aid. By helping them realize their creativeness, it is important for them to depict what they saw in the videos.   In accordance with this, it is also important for the students to comprehend and interpret at the same time what they actually see. As the students process the films or the television shows effectively, they should practice dealing with the language and through which also help them to gain knowledge. Students are able to go together with their weaker skill with the visual support in text-format, thus, subtitles are also beneficial to go hand in hand with the video being played. With the help of such the students can easily grasp what they are watching and at the same time they can also make use of the words in their everyday life – real life. To be able to carry out this study, it is very beneficial to answer important queries concerning this subject matter and have a clear grasp on what is really trying to imply in this study. Given the fact that it is significant to take note the value of using authentic video in EFL curriculum, we – the writer and the reader should know what an authentic video is and what limitations therein. How can we use authentic video material? Basically, does the use of such, applicable with EFL curriculum? Does it contribute to oral production of the students? Would it be easier for the elementary teachers upon integrating authentic materials, to exemplify their sets of curriculum?   Specifically, at what level it is very much applicable to adopt this system of teaching? Criteria in choosing an authentic material should be taken into consideration. Stempleski (1987) states that â€Å"each type of authentic video has both advantages and disadvantages when used as language learning material and it is helpful to review general features to look for when selecting authentic material† (p 7). It is excellent to take into account the language, the content, the subtitles, the production, etc. of a certain video if it does execute a good impact on the viewers and how will it be able to help students and also the teachers to meet as regards to the proficiency of the medium; on how it will contribute to oral production. How can these materials motivate the students? What probable chances do we have that the elementary students will increase their eagerness in dealing and exploring the medium? How will it also affect the teacher’s lessons? These are the essential issues we have to tackle as we go along with the research paper. As we answer every question, it will make us realize where we situate the integration of authentic materials – especially authentic videos. It is imperative to have a broad understanding as regards to these matters to be able strengthen the stability of the student’s learning process. The paper focuses also on the role of the teachers who will be responsible in delivering different techniques in teaching and on how they will be able to inculcate in the minds of their students the importance of having different avenues to master their subject matter – increase their oral production. On the other hand, the students likewise were expected to take into account the possible chances of upgrading their system as they make use of these so called â€Å"innovations in their system of learning†. In addition to this, the professors and the students was expected to appreciate new ideas that will help to augment the performance of the students. The researcher took effort in getting the attention of the students and the elementary teachers as regards to incorporate authentic video into EFL curriculum. It is necessary to have some insights as to what extent the teachers should integrate authentic materials. This is practically the focal point of the research paper and the concentration are mainly focused on how the students and the teachers will find the middle ground in order to uplift and make use of new technique – and that is integrating authentic video. Classroom observations were considered as a basic tool in making this study possible. After gathering different ideas as regards to the integration of authentic videos in EFL curriculum, some thoughts provide a clearer grasp enough to elaborate the importance of the study. In addition to this, many dissertations were also found and used in collating thoughts on related topic. Furthermore, the gathered information / materials were consolidated and come up with a straightforward analysis on the effects to 5th grade multi-leveled students on oral production as they integrate authentic videos into EFL curriculum. Accordingly, having the resources available at hand, it is expected to have a more articulate output on how were authentic materials contribute mainly to the exceptional growth of the students and the professors as well. It is true that there were lots of resources regarding this matter, but most important of all, it is still in the hands of the receiver on how they will accept modernism – and we’re talking about increase in oral production with the help of authentic materials – authentic video. The proliferation of this paper could help everyone to carry out different changes in their system, and in the case of the four walls of a classroom, additional teaching aid is necessary to truly enhance the capabilities of every students and not just limiting techniques in traditional system. How to cite Methodology, Essay examples

Application of Discounted Cash Flow

Question: Discuss about the Application of Discounted Cash Flow. Answer: Introduction: As per the ratio analysis determined from the financial statements of TNO Limited, it can be said that the net profit ratio of the company declined in the current unaudited period compared to that of the previous year by around 9%. Similarly, return on assets of the company also declined by around 10%, which indicates that the capacity to generate revenue from the assets is not sufficient. Working capital ratio of the company reflected 1.91, which was higher in the previous audited financial year indicating that the value of assets has been declined in the current year to meet the current liabilities. According to the financial statements of the company, it can be said that the net income reflected declining trend in the current financial year. It has been observed that the revenue of the company also reflected 58% decline compared to that of the previous year 2009 indicating reduction in the overall expected rate of return. During the current financial year, it has been noticed that the solvency ratio of the company declined in the current year, which was 0.50 in the previous audited period that may lower the return on investment and increase the cost of capital structure (Knechel Salterio, 2016). On the contrary, liquidity ratio of the company reflected increased value in the current financial year, which reflects the ability of the company to convert resources in cash within short- term period (Lu, Wu Yu, 2017). Significant risks at specific account level Considering the non- current assets of the company, it can be said that the value of investments has been increased in the current year. Increase in value of investments has been measured through properties, which was valued by directors as per the basis of financial year 2010 (Kou, Peng Wang, 2014). Accordingly, it can be said that the investment valuation of the company reflected risk of decline in market value that may affect the true and fair view of the assets value. In addition, the account of intangible asset valuation reflects significant risk of correct valuation, appropriate amortization charges and value as per the current and fair market rates (Uechi et al., 2015). Explanation on indentifying the areas of significant risks While planning and performing analytical procedures, it is essential to measure the significant risk present in the financial statements to assess the materiality and relevance of the financial performance of the company. In the present case, the areas that have been considered for significant risks are investments and intangible assets other than overall income statement and balance sheet. The investment account has been identified for significant risk since it covers a significant area of companys asset and overall financial position. It is essential for a company to measure the appropriate and correct value of investments in accordance with the fair market value (Delen, Kuzey Uyar, 2013). In case of TNO Limited, investment of surplus funds and property market is principal business activities therefore it is essential to conduct appropriate audit test on the value of investments. It is important to conduct detailed valuation of the investment together with the current market value as well as interest rates along with the verification of accounting records of investment. On the other hand, valuation of intangible assets has been considered since it involves a significant area in the companys overall asset resources. Since, TNO limited has been involved in research and development of technologies, it is essential to consider appropriate value of intangible assets as per the current market structure. Reverence List and Bibliography Delen, D., Kuzey, C., Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach.Expert Systems with Applications,40(10), 3970-3983. Dudzi?ska-Bary?a, R., Michalska, E. (2015). Visualisations of the risk investment valuation and the level of inventory control using the GeoGebra software.Studia Ekonomiczne,247, 7-19. Knechel, W. R., Salterio, S. E. (2016).Auditing: assurance and risk. Routledge. Kou, G., Peng, Y., Wang, G. (2014). Evaluation of clustering algorithms for financial risk analysis using MCDM methods.Information Sciences,275, 1-12. Lu, L. Y., Wu, H., Yu, Y. (2017). Investment-related Pressure and Audit Risk.Auditing: A Journal of Practice and Theory. Mohammed, M. I., Omirin, M. M., Singhry, I. M., Auwal, U. (2016). Application of discounted cash-flow (DCF) models in the valuation of investment properties in Nigeria.International Journal of the Built Environment and Asset Management,2(1), 25-36. Uechi, L., Akutsu, T., Stanley, H. E., Marcus, A. J., Kenett, D. Y. (2015). Sector dominance ratio analysis of financial markets.Physica A: Statistical Mechanics and its Applications,421, 488-509.