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Geer_J
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Looking for info on game theory
Have you tried google? I just did - there is plenty there.Geer_J said:Looking for info on game theory
Game theory is a branch of mathematics that studies decision-making in situations where multiple players interact and have conflicting interests. It is often used to analyze strategic behavior in competitive situations and has applications in various fields such as economics, political science, and psychology.
Game theory uses mathematical models to analyze and predict the behavior of players in a game. It looks at the actions and potential outcomes for each player, taking into account their rational decision-making and the impact of their choices on other players. The goal is to determine the best strategy for each player to maximize their payoff.
The key elements of a game in game theory include players, actions, strategies, and payoffs. Players are the decision-makers involved in the game, actions are the choices each player can make, strategies are the overall plans to achieve a certain outcome, and payoffs are the rewards or consequences for each player based on their actions and the actions of others.
There are different types of games in game theory, including cooperative and non-cooperative games. In a cooperative game, players can communicate and make binding agreements, while in a non-cooperative game, players act independently without communication or agreements. Other types of games include zero-sum games, where the total payoff for all players is constant, and non-zero-sum games, where the total payoff can change.
Game theory has many applications in real life, including in business, politics, and international relations. It is used to analyze competitive markets, negotiate business deals, and make strategic decisions in various industries. It is also used to understand and predict the behavior of countries and leaders in international conflicts and negotiations.