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- Field formed after publication of Theory of Games and Economic Behavior in 1944
- Popularized in 2001 film, A Beautiful Mind
- Principles are applied in business, economics, biology, political science, sociology, and many other areas
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Game theory is a branch of economics and applied mathematics that analyzes the behavior of rational decision-makers in situations where they have the opportunity to maximize their returns.
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Glossary
- Prisoner's Dilemma: A scenario where two prisoners are arrested for a crime and both are offered immunity in return for a testimony against the other suspect. If one is convicted, he faces a harsh sentence. If both cooperate they will both be punished as liars and if neither cooperate both will receive light sentences. Neither prisoner is aware of the other's decision.
- Nash Equilibrium: Situation in which two competitors know the strategy of each other and realize they are best suited to leave their present strategy unchanged.
- Dominance: Occurs when a single strategy is better than any strategy the opponent chooses to use.
- Zero Sum Game: Game in which the allocation remains the same for every outcome, every player's gain will be offset by another's loss.
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Game Theory Questions
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Which book gives a good introduction to game theory? 2 AnswersI like the book "The Art of Strategy" by Dixit and Nalebuff--it's a major revision of their classic book "Thinking Strategically." I also like "A Beautiful Math... read more -
What is a theory? 3 AnswersA theory, in the context of science, may be naively referred to as a description. In science, we start out with Natural Laws. These are simply observed phenome... read more -
What is M-Theory? 2 AnswersIt is one of the main theories in Physics. It is the string theory but in 11 instead of 10 dimensions. It's also often called the "super-string" theory. It is t... read more
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What is the theory of supergravity? 1 AnswerThe theory of supergravity is a theory that combines the main ideas of supersymmetry and general relativity. These 2 ideas combined imply that when supergravit... read more
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On Twitter Powered by Twitter
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I reaaalllyyyyyy don't want to do you, Game Theory Assignment.
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Charlie Brown Was A Blockhead: Mind Your Decisions looks at the game theory of the classic Thanksgiving showdow.. http://bit.ly/6HN2F8
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Inspired by lecture I just heard, I hereby christen this "game theory" stuffing. Tomorrow mediation commences around veggie option.
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@xplicit_barbi3 do da heartless theory its more like a movement now wheater or not burnt dey do it neways its becum a game
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