With this research paper, we aim to analyse the effectiveness of Game Theory in Water Resource Al... more With this research paper, we aim to analyse the effectiveness of Game Theory in Water Resource Allocation through simple twoby-two symmetric water resource games. The results of examples using three kinds of game theory icons are scanned to compare cooperative and non-cooperative game players. The highest payoff is achieved when both the players cooperate hence this paper explains how decision makers’ rational behaviour, who are trying to maximize their own objectives, might result in overall Pareto-inferior outcomes. Keywords— Game Theory, Prisoner’s Dilemma, Chicken game, Stag Hunt
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Papers by Aarya Thakkar