Free Critical Thinking On Describing Real Life Games

Having the knowledge of games of incomplete information, I can recount certain situations I have encountered that can be aptly described as games of incomplete information. Technology firms invest in research and development endeavors in order to increase their competitive advantage. While such technology firms are aware of the details of their research and development projects and the progress of their projects. However, they have now way of knowing if there are other technology firms that are working on similar projects.
I have also encountered other situations that are represented as games of incomplete information. One such instance is in deposition in cases between different firms where the plaintiffs are quick to offer terms of settlements to the defendants. This is done even when the plaintiffs are unaware of the type of case that the defendant and his legal team might build and present in court. When offering the terms of settlement, the plaintiff is not aware of the defendant’s mindset regarding the sort of case the plaintiff might bring.
I recently watched a television show that presented a scenario that could be presented as a game of imperfect information. In this scenario, the television show featured a real life game of bridge-crossing. In this game, a fugitive was required to use one of the many bridges in order to avoid being captured by the pursuer. This can be presented as a game of incomplete information because the fugitive is not aware of the bridge where the pursuer in the game has decided to wait. Additionally, the pursuer makes the decision on where to wait in ignorance of the choices that the fugitive makes.
Another incident that can be represented as games of imperfect information is one sided bargaining, such as silent bidding. I have been involved in a silent bid, where my bids were informed by market prices, my need for the item and the disposable income I had. However, I based my decisions on an ignorance of the decisions by the other bidders in terms of the size of their bids. Perfect information would have been in the case of an open auction where I can make rebuttals to the bids of others. In this instance, I did not have information regarding the presence of other bids that were higher than mine. This coupled with my unwillingness to spend more than the market value meant I lost the bid.
The solution I found for the preceding game was not the product of cooperation in the initial rounds of the game. The result can be improved by striking cooperation with the opponent in the initial rounds of the game.
The centipede game refers to an extensive form game involving two players. In this game, the players take turns in choosing between two alternatives. The first alternative is taking a large share of a pot that slowly increases as the game wears. Alternatively, the players can forfeit the pot and pass it to the opponent. It is important for the players to determine when to forfeit of take the pot and the ramifications of such a decision.