Game theory is the study of mathematical models of strategic interactions. [1] It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. [2]
Game theory, branch of applied mathematics that provides tools for analyzing situations in which parties, called players, make decisions that are interdependent. This interdependence causes each player to consider the other player’s possible decisions, or strategies, in formulating strategy./GettyImages-1004392074-3ccfc1089e1a4d549fa11599d93e9f29.jpg)
Game theory examines how individuals and entities, referred to as players, strategize and make decisions in competitive environments. As a theoretical framework, it models scenarios involving...