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# What is Game Theory

The study of mathematical models of conflict and cooperation between intelligent rational decision-makers.
Published in Chapter:
Application of Soft Set in Game Theory
B. K. Tripathy (VIT University, India), Sooraj T. R. (VIT University, India), and Radhakrishna N. Mohanty (VIT University, India)
DOI: 10.4018/978-1-5225-2255-3.ch281
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Branch of mathematics that uses models to study interactions with formalized incentive structures or “games” (Wikipedia, 2006).
A branch of applied mathematics that studies strategic situations in which participants (players) act rationally in order to maximize their returns (payoffs).
The study of mathematical models pertaining to the strategic interaction of decision making where several self-interested players must make choices that potentially affect the interests of other players.
It is a branch of applied mathematics that is often used in the context of economics, which studies interactions between decision-makers.
A field to study the recognize sequences of moves, decision rule.
A model of optimality taking into account benefits, costs and the interaction among agents. It attempts to observe the relationship between players in a model predicting their optimal decision.
Branch of Mathematics which simulates decision-making situations by means of equations that provide certain individual results that depend on the combination of individual inputs.
Game Theory study of decision making and mathematical modeling in cooperative and collaborative situations among multiple participants called players.
As a method of applied mathematics, it helps to explain a large collection of economic behaviors, including behaviors of firms, markets, and consumers.
A branch of applied mathematics and economics that studies situations (games) where self-interested interacting players act for maximizing their returns.
A theoretical framework for understanding social situations between interacting players and producing optimal decision-making by independent, competing actors in a strategic environment.
The study of competitive games between two or more players each having multiple strategies they might play.
A set of strategic approaches modeled using math and applied to different contexts
Mathematical theory of rational behavior for situations involving conflicts of interest.
The study of decisions, often between two entities (e.g., individuals, firms, militaries, nations).
A mathematical framework designed for analyzing the interaction between several entities whose decisions affect each other. An interactive situation is described as a game that has an abstract description of the players (entities), the courses of actions available to them, and their preferences over the possible outcomes. It is assumed that players employ rational decision making; that is, each player’s objective is to maximize the expected value of his own payoff, which is measured in some utility scale.
Game theory is the study of strategic decision making. Specifically, it is “ the study of mathematical models of conflict and cooperation between intelligent rational decision-makers ”. An alternative term suggested “ as a more descriptive name for the discipline ” is interactive decision theory . Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science, and biology. The subject first addressed zero-sum games, such that one person's gains exactly equal net losses of the other participant or participants. Today, however, game theory applies to a wide range of behavioural relations, and has developed into an umbrella term for the logical side of decision science, including both humans and non-humans (e.g. computers, animals).
Is a mathematical discipline that studies the strategic interaction among rational individuals.
A mathematical-based method to analyze strategies among competing entities.
Game theory is the formal study of decision-making where several players must make choices that potentially affect the interests of the other players.