The Individual and Game Theory Criticisms and the Evolutionary Theory

Introduction The individual choice/game theory uses a very strict definition of individual rationality. On the contrary, the evolutionary game theory does not make any rationality assumptions. In this paper, the focus is going to be on commenting on whether the evolutionary approach is successful in addressing the criticism that, in neoclassical economics, the profile of the rational individual is not very realistic.Advertising We will write a custom essay sample on The Individual and Game Theory Criticisms and the Evolutionary Theory specifically for you for only $16.05 $11/page Learn More Evolutionary Theory Provides a Satisfactory Answer to the Criticism In my view, the evolutionary game theory, which is a dynamic process, possibly offers the coordination mechanism which aligns beliefs with behaviour. It brings the game theory closer to economics by looking at economics as the product of an adjustment process instead of being looked at as a thing that simply springs in to existence. The classical game theory, which was a standard theory until the 1980s, is set up on the assumptions of ideal rationality as well as common knowledge (Hodgson 2007). However, it is without a doubt that not only an assumption is made that each individual makes an effort to maximize utility, there is also need to make an assumption of common knowledge of rationality and consistently aligned beliefs (Griine-Yanoff and Lehtinen 2010). According to my judgement, the evolutionary theory has offered some sort of solution to problems that are associated with the classical game theory. By making the relaxation of the perfect rationality assumption legitimate, the revolutionary turn overcame the hurdle which the refinement programme could not overcome. The issue was in the fact that â€Å"classical game theory facilitated generation of predictions were disconfirmed by evidence† (Sugden 2001, p.116). Economists had interest in game theory for the reason that they had hopes of utilizing it in explaining the actions of the â€Å"real economic agents†. Therefore, in the setting, there was an assumption that ‘real economic agents’ like the perfectly rational players of the theory, must possess some explanatory strength. However, the evolutionary theory is not confined to prescribed actions of ‘ideal’ agents as it focuses on the agents’ behaviour which is predetermined by successful actions of other agents. In other words, the evolutionary theory focuses on specific behavioural patterns which have already been checked and proved to be successful. Therefore, economists do not try to work out some patterns on the basis of certain assumptions. The economists can have more specific material. The evolutionary approach offers particular settings and particular examples to operate on.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of the strengths of the evolutionary game theory is that it does not focus on individuals but on the strategies themselves. It is those strategies that are successful themselves which attract the agents and the individuals do not consciously make choices. It is only that with time, in one way or the other, they learn to make choices of strategies which, in regard to expected utility, are better for them. This might come about for the reason that â€Å"individuals learn from past play, they copy the behaviours of other players that are successful, or they adapt† (Patokos 2011, p.3). Therefore, the evolutionary theory addresses limitations of the game theory which is too ‘theoretical’. The evolutionary theory leaves behind certain theoretical notions like rationality to focus on more specific points like strategies used by the agents. The individual choice/game theory offers models which can hardly fit the modern (i.e. real) world, whereas the evolutionary theory provides in-depth analysis of behavioural patterns and various strategies developed by agents. In simple terms, instead of theorizing (which is the case with game theory), the evolutionary theory is more concerned with analysis of situations which are true to life. It is possible to claim that the evolutionary theory addresses the criticism that the neoclassical approach is unrealistic. The evolutionary approach verifies that it is possible to work out specific strategies which can be used in real life settings. The evolutionary approach enables economists to work out new ways to analyse various processes which take place in the business world. Finally, the evolutionary approach addresses one of the weakest points of the individual choice/game theory. The evolutionary theory does not try to suggest some sort of rationality. The approach suggests that agents’ actions can be justified by previous experiences of agents. In other words, the evolutionary th eory is not confined to analysing rationalities which influence agents’ choices. The evolutionary approach suggests a simple answer to one of the major questions concerning motives and stimuli. The evolutionary theory focuses on successful strategies agents develop. Usefulness of the Evolutionary ApproachAdvertising We will write a custom essay sample on The Individual and Game Theory Criticisms and the Evolutionary Theory specifically for you for only $16.05 $11/page Learn More The evolutionary approach is very useful in addressing the problems associated with the individual choice/game theories that have been pointed out by critics. In an interesting manner, it is not that the evolutionary game theory does not need to make any assumptions on rationality; in the actual sense, it can be proved that the individual rationality assumptions as they are known must not apply for evolutionary theory to take off. Therefore, I view this theory as being a response to the criticism that rationality in neoclassical economics is too restrictive and it offers a very strong answer by leaving out all the rationality assumptions. Furthermore, I assume that evolutionary approach is more applicable in the contemporary business world. Admittedly, game theory proved to be quite effective in analysing certain processes. However, it is too concerned with the concept of rationality. In the ideal world where agents are guided by ‘ideal’ rationality, this theory could be the best option. However, the modern competitive business world is more like the animal world where species try to adopt and simply survive. Likewise, evolutionary approach can explain many of the on-going processes. I assume that modern agents tend to strive for success which presupposes fitness to certain conditions. Thus, evolutionary approach is more concerned with agents’ actions and choices which lead to some kind of development, rather than tracing agentsà ¢â‚¬â„¢ choices based on specific rationality. In the evolutionary game, agents do not work out strategies based on their rationality. Agents â€Å"inherit† strategies which have already proved to be effective under certain conditions (Vincent Brown 2005, p. 74). In other words, according to the evolutionary theory agents have specific patterns to use in this or that situation. What is more, every pattern undergoes certain ‘mutation’ which makes it applicable in other situations. Thus, agents work out successful behavioral patterns based on previous experiences, and, at the same time, prepare ground for the next generations of players. The evolutionary approach reveals one of the most important phenomena in the business world. It is possible to claim that one of the advantages of the evolutionary game theory is that it has two layers. Thus, the evolutionary approach presents an outer and inner game (Vincent Brown 2005). These two layers can enable economists to carry out in-depth analysis of various trends.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The first layer takes into account players, their activities and the ways they develop new strategies. The second layer is concerned with the strategies worked out. Advantages, disadvantages and overall fitness of this or that strategy is under analysis. Admittedly, such thoroughness can help economists find answers for many questions. For instance, economists not only analyse successful strategies and behavioural patterns. They are able to analyse settings that make people come to this or that conclusion. Economists are also able to understand factors that influence agents’ decision making. Admittedly, this understanding can help to predict changes which can take place in the nearest future. In fact, the evolutionary approach makes economists prepared to various changes as it provides specific solutions to particular problems. This is one of the most important advantages of the evolutionary approach over the neoclassical game theory. Therefore, I assume that the evolutionary approach is more complete as it suggests explanations which are more true to life. This approach enables the economist to analyse former experiences of the agents, and this, in its turn, can enable the researcher to predict behaviour of agents rather than contemplate (and seek for) ideal rationalities. This approach can be applicable for analysis of various processes taking place in the contemporary world. Another advantage of the evolutionary approach is that it enables the researcher to work out (predict) certain behavioural patterns agents can follow in this or that situation. The approach suggests greater degree of certainty which is very important for such disciplines as economics. It is also important to note that the evolutionary theory can help to trace changes that occur in the business world. Thus, agents develop specific behavioural patterns to fit the ‘environment’. Basically, agents evolve to successfully operate in specific settings. By tracing the change s in behaviours, the researchers can single out trends and principles that appear. Therefore, the evolutionary approach extends to the analysis of agents’ behaviours as well as analysis of the settings. This approach can help researchers to carry out in-depth analysis of the major principles existing in the business world. The evolutionary approach can help to predict changes that are about to occur, or to work out the most effective strategies to cope with up-coming issues. Basically, the evolutionary approach offers effective solutions applicable in the rapidly changing world. Conclusion The evolutionary theory has given some solutions to problems that are said to be associated with the individual choice and game theories. By bringing a dynamic process to the game theory, this has rationalized the existence of several equilibriums. The evolutionary approach focuses on particular strategies which have been worked out by agents on the basis of successful experience of other a gents. The evolutionary theory offers specific solutions which can be applicable in the contemporary world, which is one of the advantages of the approach. Reference List Griine-Yanoff, T Lehtinen, A 2010, Philosophy of game theory, Elsevier BV, New York. Hodgson, MG 2007, ‘Evolutionary and institutional economics as the new mainstream’, Evolutionary and Institutional Economics Review, vol. 4 no. 1, pp.7–25. Patokos, T 2011, ‘Evolutionary game theory – an introduction: issues in applied economics, Lecture notes for session 4’ (University of Hertfordshire). Sugden, R 2001, ‘The evolutionary turn in game theory’, Journal of Economic Methodology, vol. 8 no. 1, pp. 113–130. Vincent, TL Brown JS 2005, Evolutionary game theory, natural selection, and Darwinian dynamics, Cambridge University Press, New York. This essay on The Individual and Game Theory Criticisms and the Evolutionary Theory was written and submitted by user GorillaMan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

How to Win a Walmart Scholarship Strategy Guide

How to Win a Walmart Scholarship Strategy Guide SAT / ACT Prep Online Guides and Tips You probably didn't know that Walmart offers a couple of scholarship opportunities for employees and their dependents. These scholarships are meant to cover college or vocational school expenses for those with financial need. In this guide, I'll start by talking about eligibility requirements and the application process. If you're already familiar with this information, skip to the second half of this post- this is where I'll give tips and strategies for increasing your chances of winning a Walmart scholarship. What Are the Walmart Scholarships? Walmart has two scholarship options: Associate Walmart Scholarship Dependent Walmart Scholarship Both options are geared to assist Walmart employees and their families who might not otherwise be able to afford a college education. If you win one of these scholarships, you can renew your award throughout the length of your degree program without having to reapply. If you're eligible for both scholarships (for example, if you and your parent both work at Walmart), note that you can only win one. Associate Walmart Scholarship The Associate Scholarship is available to Walmart employees who are U.S. citizens or permanent legal residents, have a high school diploma or GED, and have worked full- or part-time at the company for at least six consecutive months before the application deadline. The scholarship can be renewed for up to six years, or until the end of the funded degree program (whichever comes first), with a maximum funding limit of $16,000 per degree program. Your level of funding depends on (1) your enrollment status, and (2) the type of school you're attending. Here's an outline of the funding levels per award period: Public US University 2-Year Institution (Community College / Certificate Program) 4-Year Institution / Graduate Institution 3-6 credit hours = $500 3-6 credit hours = $500 3-6 credit hours = $750 7-11 credit hours = $750 7-11 credit hours = $750 7-11 credit hours = $1,125 12+ credit hours = $1,000 12+ credit hours = $1,000 12+ credit hours = $1,500 Source: Walmart Associate Scholarship Program Guidelines Dependent Walmart Scholarship The Dependent Scholarship is available to dependentsof Walmart employees who are U.S. citizens or permanent legal residents, are about to graduate with a high school diploma or GED equivalent, and have worked full- or part-time at the company for at least six consecutive months before the application deadline. In other words, if you're a child or dependent of a Walmart employee, you're eligible for this scholarshipeven if you haven't worked there yourself. The award is renewable and can be used for up to four years of continuous, full-time enrollment, with a maximum funding limit of $13,000 per degree program.Awards are disbursed, or given out, $1,625 at a time. Are You Eligible for a Walmart Scholarship? Unfortunately, neither the Associate Scholarship nor the Dependent Scholarship is open to the public.In order to be eligible, you must be either a Walmart employee or the dependent of a Walmart employee. The Associate and Dependent scholarships have slightly different eligibility requirements, which I've outlined below. Associate Scholarship Eligibility Requirements In order to be considered for the Associate Scholarship, you must meet allthe following criteria: Be either a US citizen or permanent legal resident of the US Be employed with Walmart at least six consecutive months before the application deadline Have a high school diploma or GED, or be a graduating high schoolsenior who is planning to enroll in college after graduation If you're applying for the scholarship as a high school senior, you must wait to apply until you're within six months of starting college classes Be able to demonstrate financial need (I'll discuss how to do this in the section on applying for the scholarship) Dependent Scholarship Eligibility Requirements In order to be considered for the Dependent Scholarship, you must meet allthe following criteria: Be either a US citizen orpermanent legal resident of the US Be the dependent of a Walmart employee who's actively worked with the company for at least six consecutive months before the application deadline (note that dependents of Board of Directors or officers are not eligible to apply) Be a high school or homeschooled graduating senior, orbe earning a GED Be able to demonstrate financial need (I'll discuss how to do this in the section on applying for the scholarship) Have a high school GPA of at least 2.0 Enroll for the fall semester as a full-time freshman/first-year student at an accredited two- or four-year college or university (does not include military academies) To renew your funds, you must be enrolled full-time, with a minimum 2.0 GPA, and attending a four-year college by your third year You don't need a perfect report card to apply for this scholarship (not that it would hurt!). What Do I Need to Apply for a Walmart Scholarship? In order to apply for a Walmart scholarship, you'll need to gather some materials and information, especially those concerning your family's financial situation. Below, I list everything you need to have before you can apply for each type of Walmart scholarship. Associate Scholarship Materials To apply for the Associate Scholarship, you'll need to have the following information: Financial Information If a family member has claimed you as a dependent, you'll needan electronic copy of your most recent family income tax return. If you have claimed yourself, you'll need a copy of your most recent tax return. Your family's adjusted gross income Your Expected Family Contribution (EFC). You can estimate your EFC using FAFSA4caster. Get instructions on how to use FAFSA4CASTER here. To get an official EFC, you must submit a FAFSA (Free Application for Federal Student Aid). Use this guide for step-by-step instructions on how to submit a FAFSA. Other Information A comprehensive list of volunteer or service activities you've participated in within the last four years Name and contact information for your high school Name of the college or vocational school you're planning to attend Your Walmart facility number (ask your manager if you don't have this information) Dependent Scholarship Materials To apply for the Dependent Scholarship, you'll need to gather the following information: Financial Information Current US federal income tax return from the individual who's claimed you as a dependent Current federal Student Aid Report (SAR). A SAR is generated when you submit a FAFSA. If you submit your FAFSA online, it'll take about three days to receive your SAR. Get step-by-step instructions on submitting a FAFSA here. Other Information Your high school transcript showing your grades and GPA through your first semester of senior year. This does not need to be an official transcript. How Do You Submit a Walmart Scholarship Application? You can submit an application for both the Associate and Dependent Scholarships online through the Walmart website. Register for an account and take the appropriate Scholarship Eligibility Quiz to gain access to the application. If you fail to meet eligibility requirements, you won't be able to submit an application.When your application is submitted, you'll receive an email verification. The Associate Scholarship application hasfour application windows throughout the year. Here are the upcoming application periods: Application Launch Date Application Deadline Award Notification Date February 1, 2019 March 1, 2019 April 15, 2019 May 1, 2019 June 1, 2019 July 15, 2019 August 1, 2019 September 1, 2019 October 15, 2019 November 1, 2019 December 1, 2019 January 15, 2020 Meanwhile, the Dependent Scholarship application window for this year is January 3, 2019, to April 2, 2019. When Do You Find Out Whether You've Been Selected for a Walmart Scholarship? Notification for the Associate Scholarship depends on the application deadline(see chart above). Typically, though, applicants are notified six weeks after the deadline. Dependent Scholarship applicants for this year'scycle will be notified mid-May 2019. How Can You Use Walmart Scholarship Money? If you're offered a Walmart scholarship, you'll need to submit a Scholarship Acceptance Agreement online before any funds are disbursed. Scholarship checks will then be mailed directly to your school.The scholarship money can be applied to charges for tuition, fees, books, and on-campus room and board. Associate and Dependent Scholarship funds must be used at an accredited school.Unfortunately, you can't use Walmart scholarship funds at military academies. Use these strategies to submit your very best scholarship application! How to Raise Your Odds of Winning a Walmart Scholarship There's a lot of overlap between the Associate and Dependent Scholarships, so first I'll give general advice that applies to both programs. Then, where there are differences between the scholarships, I'll give specialized advice. All scholarship applications are evaluated by an independent, impartial selection committee. This means that everyone with a complete application and who meets all eligibility requirements will be considered for the award. Financial need is considered a primary criterion for both scholarships.There's not much you can do to change your family's financial situation, but you'll have a chance to explain any financial hardships or difficulties in your application. General Tips for Any Walmart Scholarship Application Make sure you meet all eligibility requirements before beginning the application process. If you don't meet the requirements and answer the EligibilityQuiz honestly, you won't even get access to the application. The applications ask about your employment history with Walmart. If you or the person who's claimed you as a dependent is in good standing, you'll likely have a better chance of winning the scholarship. The applications ask about your parents' levels of education. First-generation college students might be more likely to win the scholarship. The applications give you the opportunity to talk about "special circumstances." This is a chance to set yourself apart from other eligible applicants. Here's what to do: Touch briefly on any financial hardships without sounding too self-defeating. Be matter-of-fact and explain how a Walmart scholarship could help you achieve your academic and professional goals in light of your financial limitations. One Walmart scholarship winner said he was grateful for the assistance in funding his education because it would improve his family's future. Will winning this scholarship affect anyone besides you in a positiveway?If so, discuss that in your application. Mention any extraordinary hardships or events that have challenged you. An evaluation committee will be impressed with an individual who has overcome significant obstacles to further pursue his or her educational and career goals. Tips for the Associate Scholarship Application This scholarship is very competitive- only about 10% of eligible applicants receive the award. As such, it's important to dedicate significant time and energy to your application. In addition to financial need, an important criterion considered by the evaluation committee is the applicant's level of community involvement. Here are some tips for your Associate Scholarship application: The application gives you the option to discuss up to three volunteer experiences you’ve had within the last four years. Examples include hospital volunteering; drug, teen, or homework helplines; and outreach programs. Based on these examples, it seems that this program is looking primarily for applicants who have worked with disadvantaged or marginalized populations. Talk about your passion for helping others. Do not repeat information about your volunteer activities; rather, discuss your future educational plans and how they will letyouhelp others. Emphasize any similar volunteer activities you've participated in. If you're currently looking for volunteer opportunities and might apply for this scholarship in the future, seek out a position through which you can demonstrate community involvement.For example, you could volunteer at a nursing home, a refugee center, or a low-income school. As you can tell, Walmart likely wants to maximize its impact on the community, which means if it funds students who have also contributed to the community, its impact will be magnified. Your goal is to prove that you'll be able to use the aid to improve your community as an ideal Walmart representative. Tips for the Dependent Scholarship Application This scholarship is fairly competitive, with only about 25% of eligible applicants receiving the award.In addition to financial need, an important criterion considered by the evaluation committee is your past academic performance. Here are our best tips and strategies for the Dependent Scholarship application: If you're a younger high school student, one of the best things you can do to increase your changes of winning the scholarship is to keep up your grades. A 2.0 GPA is the minimum to apply, but the selection committee will undoubtedly be more impressed with a high-achieving student. Talk about your academic passions and interests. Explain how this scholarship will assist you in achieving concrete career or educational goals based on your academic interests. If you meet the minimum GPA requirement but have rough patches in your academic record, use your application to explain why. Be matter-of-fact, but don't make excuses. Discuss any hardships that might have affected your academic performance(e.g., you got a job to help support your family, you missed school due to an ongoing illness or injury, etc.). Walmart has millions of employees, and to maximize the impact of its scholarship funds, it wants to find employees' dependentswho are most likely to make the most of their educations. A good predictor of this is the student's academic performance, so emphasize to Walmart that you'll utilize its scholarship funds to ultimately empower your future. What's Next? There are lots of scholarship opportunities out there, even if you're not a Walmart associate or dependent. The National Merit Scholarship is one great option; you can also get guaranteed scholarships if your standardized test scores are high enough! If you want to explore all your financial aid options and not just scholarships, learn about the Pell Grant and Federal Direct Loans. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

1963 March on Washington Essay Example | Topics and Well Written Essays - 750 words

1963 March on Washington - Essay Example It is estimated that approximately 250000 people participated in this demonstration, which was organized and executed by a group of civil rights organizations represented by individuals, who had a common objective of liberating the African Americans from racial and economic discrimination (Haskins 22). These organizations included and not limited to; the congress of racial equality, Southern Christian Leadership Conference, Student Nonviolent Coordinating Committee, Brotherhood of Sleeping Car Porters, National Association for the Advancement of Colored People as well as the National Urban League, which were represented by individuals who included James Farmer, Martin Luther King Junior, John Lewis, Philip Randolph, Roy Wilkins and Whitney Young respectively (Haskins 43). It is important to note that despite the US declaration of independence in 1776, it had become apparent that the white Americans were not willing to co-exist with citizens of other races, such as the African Americans, Hispanics, Asians among others, who were forced to live under inhumane conditions especially due to the fact that they could not be allowed to compete fairly in the job market (Euchner 31). It is due to this that these groups went ahead to form civil rights organizations so as to try and pressure the government to accommodate them in the system without discrimination. However, up to 1963, not much progress had been made in this respect and indeed the government had continued to apply force and detention to counter any actions such as mass protests. Several sources indicate that the police and other security organs used means such as clubbing, releasing dogs to attack demonstrators as well as other overt and covert actions such as conniving with white citizens to attac k the demonstrators at strategic points under the watch of the security officers. It is under these circumstances that people such as Martin Luther King junior found themselves in prison, for example at the time he authored the famous letter from Birmingham jail (Haskins 16). It may be necessary to note that the 1963 march to Washington was not only an African American affair as it is reported that approximately 25% of those in attendance were white Americans, who were there to support their fellow country men and women in their fight for justice (Euchner 18). The demonstration was not without opposition as people such as the then president Kennedy opposed it at first though he later changed his mind after realizing that nothing could have stopped it. Human rights activists for example Malcolm X also did not agree with the idea and indeed, he is quoted as referring to the proposed demonstration as, â€Å"Farce on Washington,† though he is noted as being one of the people who attended (Euchner 28). The opposition felt that the issues that were to be the subject of the march were not accurate while others such as the Ku Klux Klan were known to be against the idea of a society which accorded the blacks equal rights as those of the whites. In fact, they were always violent towards the blacks as well as their sympathizers especially in cities such as Birmingham and Jacksonville among others. The major goals of the march to Washington included and not limited to having the congress pass a comprehensive bill aimed at abolishing segregation in public facilities so as to allow all citizens have unrestricted access regardless of their race. The participants also wanted their right to vote guaranteed and protected as well as be allowed to compete fairly in the job market through facilitation of training opportunities and fair recruitment procedures (Haskins 60). According to plans, the march was to start at the Washington monument all way through to the Lincoln