What is Game Theory: Strategic Decision Making Guide

Game theory is a powerful tool for understanding strategic decision-making. It looks at how individuals, firms, and other entities make decisions when their actions affect each other’s outcomes. It considers their own interests and what others might do next¹.

Game theory is used in many fields, including economics, business, psychology, politics, and biology¹.

The origins of game theory go back to 1944. Austrian economist Oskar Morgenstern and mathematician John von Neumann published “Theory of Games and Economic Behavior”. Since then, 12 leading economists and scientists have won the Nobel Prize in Economic Sciences for their work in game theory²³.

At the heart of game theory is the Nash equilibrium, named after Nobel laureate John Nash². It’s an outcome where no player can get a better payoff by changing their strategy, assuming others’ strategies stay the same¹². This concept is key for understanding competitive behaviors and predicting outcomes in many fields¹³.

Game theory looks at different types of games. These include cooperative and non-cooperative games, zero-sum and non-zero-sum games, and situations where everyone moves at the same time¹. These game types help model various strategic interactions. From price competition between firms to social dilemmas like the prisoner’s dilemma, game theory helps us understand and predict these scenarios¹³.

By understanding these game structures and applying game-theoretic principles, decision-makers can improve their strategies. They can make better choices in complex, competitive environments.

Key Takeaways

• Game theory studies strategic decision-making and competitive interactions between players
• It has applications in economics, business, psychology, politics, and biology
• Nash equilibrium is a core concept where no player can improve their payoff by changing strategies unilaterally
• Game theory encompasses cooperative and non-cooperative games, zero-sum and non-zero-sum games, and simultaneous move situations
• It helps analyze competitive behaviors, predict outcomes, and optimize strategies in various scenarios

Introduction to Game Theory

Game theory is a branch of math that explores strategic decision-making. It looks at how players interact and influence each other’s results⁴. By understanding these interactions, game theory helps us make better choices.

The history of game theory goes back to the 16th and 17th centuries. Mathematicians like Cardano, Pascal, and Huygens studied games of chance⁴. But it wasn’t until the 20th century that John von Neumann, Oskar Morgenstern, and John Nash made it a distinct field⁴⁵. Their work introduced key ideas like the Nash equilibrium, used in many fields⁵.

Definition of Game Theory

Game theory studies how choices lead to outcomes based on preferences⁴. It covers games where one wins and the other loses, and games where both can win or lose⁴. It uses the axiomatic theory of expected utility to analyze decisions under uncertainty⁴.

Importance of Game Theory in Decision Making

Game theory is crucial for making rational decisions. It helps us understand strategic interactions, allowing us to make better choices⁴. It’s used in many areas, like business and diplomacy, to solve complex problems⁵.

It teaches us about dominant strategies and Nash equilibrium. These ideas are applied in many industries, from sports to international trade⁵. By using game theory, we can make more informed decisions, leading to better outcomes.

History and Development of Game Theory

Game theory, the study of strategic decision-making, has a rich history. It started in the 1940s with mathematician John von Neumann and economist Oskar Morgenstern⁶. Their book, “Theory of Games and Economic Behavior,” introduced rational players and conflicting interests⁶.

Von Neumann founded game theory, starting at a young age. By 26, he had published 32 papers⁷. John Forbes Nash Jr. then made big contributions in the 1950s, proving equilibrium in every game⁷. His work expanded on non-cooperative game theory⁷.

Key Contributors to Game Theory

Many have shaped game theory over time. Besides von Neumann, Morgenstern, and Nash, others include:

• Reinhard Selten
• John Harsanyi
• Lloyd Shapley
• Robert Aumann

John Nash, Reinhard Selten, and John Harsanyi won the Nobel Prize in 1994 for their work on non-cooperative games⁷.

Evolution of Game Theory over Time

Game theory has grown through stages, each with its own focus. The early version, by von Neumann and Morgenstern, used utility functions⁶. But, studies like the Allais paradox showed problems with these functions⁶.

Now, game theory focuses on the Nash player, who aims for a Nash equilibrium⁶. The latest stage, new game theory, considers players with limited knowledge⁶.

Game theory keeps growing, adding insights from psychology and biology. This leads to evolutionary game theory. It looks at how strategies change over time in groups, offering a new view on decision-making.

Basic Concepts and Terminology

To understand game theory, you need to know about players, strategies, and payoffs. Players make choices in a game. The game’s outcome depends on these choices, and each player gets a payoff⁸.

Games fall into two types: zero-sum and non-zero-sum. Zero-sum games mean one player wins, and another loses. The total payoff is always zero. Non-zero-sum games allow for both wins and losses, where players’ interests can align⁹.

Cooperative and Non-Cooperative Games

Game theory also talks about cooperative and non-cooperative games. Cooperative games involve players working together to reach a goal. Non-cooperative games are about players making their own decisions without agreements⁹.

Non-cooperative games are shown in strategic form or normal form. This form is a matrix of payoffs for each strategy combination. It helps find Nash equilibria, where no player can get a better payoff alone⁸.

Knowing these basics is key to using game theory in fields like economics and business. It helps us understand decision-making and find the best outcomes.

Nash Equilibrium and its Significance

In game theory, Nash equilibrium is key for making smart decisions and finding the best results¹⁰. John Nash, an American mathematician, introduced it. He won the Nobel Prize in Economics in 1994 for his work. Nash equilibrium finds the best solutions in games where players don’t work together¹¹.

The Nash existence theorem says every game has at least one Nash equilibrium¹².

Nash equilibrium means each player knows what others will do and picks the best strategy¹². It shows that changing actions won’t help if others don’t change¹⁰. This idea is vital for understanding how people make decisions in strategic situations¹¹.

The prisoner’s dilemma shows Nash equilibrium in action¹². It’s a classic example of how Nash equilibrium works¹⁰. It helps find the best strategies in situations like companies deciding on ads¹¹.

But, Nash equilibrium might not always lead to the best outcome¹⁰. Games can have more than one Nash equilibrium, especially when players make decisions quickly¹¹. Also, knowing the opponent’s strategies is needed, which can be hard in real life¹².

Nash equilibrium is important not just in game theory but in many fields like social sciences and economics¹⁰. AI uses game theory, including Nash equilibrium, to improve how different programs interact¹². By understanding Nash equilibrium, people can make better decisions in complex situations.

Dominant Strategies and Equilibrium

In game theory, dominant strategies and equilibrium are key. A dominant strategy is the best move for a player, no matter what others do¹³. When everyone has a dominant strategy, we reach a unique Nash equilibrium, called the dominant strategy equilibrium.

Nash equilibrium, introduced by John Forbes Nash, Jr. in 1950 and 1951, is a game theory cornerstone¹⁴. His work, made famous by “A Beautiful Mind” in 2001, shows the need to think about all players’ strategies¹⁴.

Game theory has four outcomes: strictly dominant, weakly dominant, equivalent, and intransitive¹³. A strictly dominant outcome gives one player a clear win. A weakly dominant outcome means one player wins but not as strongly against some strategies¹³. An equivalent outcome, like the prisoner’s dilemma, happens when both players get the same result, which is fair for both¹³.

Prisoner’s Dilemma and its Implications

The prisoner’s dilemma is a classic example of how dominant strategies can lead to a bad outcome. Two suspects are interrogated separately and can choose to confess or stay silent. The best strategy for both is to confess, which reduces their jail time¹⁴¹³. Yet, this outcome is worse than if they had both stayed silent.

The prisoner’s dilemma shows the conflict between individual gain and the best outcome for all. This is known as pareto optimality. It shows how seeking the best strategy can lead to a bad outcome for everyone.

The Nash equilibrium is an optimal stable state where no player has an incentive to change their strategy, taking all factors into account.

Game theory is used in many areas, like economics, business, and psychology. It helps players in markets, military strategists, managers, and even game players make better decisions¹³. Knowing about dominant strategies and equilibrium helps us make smart choices and guess what others will do.

Mixed Strategies and Randomization

In game theory, players use mixed strategies. This means they choose actions based on a probability, unlike pure strategies that pick one action¹⁵. This random choice makes it hard for opponents to guess their next move, similar to how soccer goalkeepers dodge in penalty kicks¹⁶.

Concept of Mixed Strategies

A mixed strategy gives a chance to each pure strategy. It lets players randomly pick a strategy and figure out the expected payoff¹⁵. This idea is key in real life, like in military battles where armies surprise each other with random attacks¹⁶. For example, in rock, paper, scissors, playing each action equally is a mixed strategy equilibrium¹⁷.

Calculating Mixed Strategy Equilibria

John Forbes Nash showed that every finite game has an equilibrium. This includes mixed strategy Nash equilibria, where at least one player uses a mixed strategy¹⁵. To find these equilibria, players need to figure out the probability that makes their opponent unsure of their choice. For example, in the battle of the sexes game, the Man will randomize his choice if the Woman goes to the Ballet ¾ of the time and to the Baseball game ¼ of the time¹⁷.

Many real-world examples use mixed strategies. Businesses randomize prices or products to keep their market share¹⁶. Prey species use random escape patterns to avoid predators¹⁶. Even in science, randomized trials use mixed strategies to ensure fair treatment and valid results¹⁶. By understanding mixed strategies, game theory helps in making strategic decisions in many areas.

What is Game Theory: An In-Depth Look

Game theory is a way to study how people make strategic decisions. It’s part of Rational Choice Theory¹⁸. Since the 1940s, it has grown a lot, thanks to people like John von Neumann¹⁹.

Mathematical Foundations of Game Theory

Game theory uses math from probability, optimization, and combinatorics. A game has players, strategies, and payoffs¹⁸. It looks at how rational decisions are made based on what we want and what might happen¹⁸.

Games between two people can be shown with matrices. Each spot in the matrix shows what each player gets from their choices¹⁸. Players rank outcomes based on how good they think they are¹⁸.

Assumptions and Limitations of Game Theory

Game theory assumes players are rational and know the game well. But, real people might not always act this way. They might not have all the information or make choices based on more than just self-interest.

“Not all zero-sum games are fair, but most two-person zero-sum parlor games are fair games.”²⁰

There are two main parts of game theory. Non-cooperative games are about strategies without enforcement. Cooperative games allow for agreements that can be legally enforced¹⁸. John Nash showed how to find stable strategies for everyone, making sure no one changes if others stick to their plan²⁰.

Even with its flaws, game theory is used in many areas. It helps in fields like operations research, economics, and even politics²⁰. It’s a key tool for analyzing competitive situations²⁰.

Game Theory in Economics and Business

Game theory is key for studying strategic moves in economics and business. It helps us see how people and companies make choices that impact each other²¹. It’s so important that 11 game theorists have won the Nobel Memorial Prize in Economic Sciences²².

Oligopoly Markets and Strategic Interactions

Oligopoly markets have a few big players, leading to complex strategies. Companies think about what their rivals might do when making decisions²². For instance, drug companies use game theory to figure out when to introduce new products²².

Pricing Strategies and Competition

Game theory is vital for setting prices and competing in markets. Companies use it to guess what their competitors will do and set their prices accordingly. The Nash equilibrium, named after John Nash, helps find the best choices for everyone involved²²²³.

But game theory also shows that what’s best for one might not be best for all, like in the prisoners’ dilemma²³. This shows how cooperation and betrayal can happen in strategic situations²¹.

Auction Theory and Mechanism Design

Auction theory is a part of game theory that deals with designing auctions. It looks at how different auction rules affect bidders and the outcomes. Game theory helps create auctions that make more money, are efficient, and prevent cheating.

Game theory also talks about using mixed strategies, threats, promises, bargaining, and hiding or revealing information²³. Companies can use these to outdo their competitors, like Polaroid did against Kodak²³.

Even though game theory is very useful, it has its limits. It assumes people act rationally, which isn’t always true²¹. Still, it’s a crucial tool for economists and business leaders to understand game theory in business and navigate complex markets.

Applications of Game Theory in Political Science

Game theory is key in political science, helping us understand voting behavior, forming coalitions, and international relations. It models how political parties, candidates, and countries interact. This helps predict outcomes and guide decisions in complex political situations²⁴.

The Prisoner’s Dilemma is a classic example of game theory in politics. It shows how collective decisions are made²⁴. The model assumes rational actors, no communication, and the goal of getting the most utility²⁴. It shows that confessing is the best strategy for both, leading to a stable outcome where no one changes their mind²⁴.

Game theory helps us understand cooperation on big issues like arms control and environmental pollution²⁴. But, there are concerns about its assumptions, like rationality and meaningful payoffs²⁴.

In international relations, misunderstandings and distrust can lead to violence and war, as Alexander Wolitzky’s research shows²⁵. Wolitzky, an economist at MIT, has worked on applying game theory to war, labor, networks, and technology²⁵.

“Game theory provides a powerful framework for understanding strategic interactions in political science, from voting behavior to international negotiations.”

Despite its flaws, game theory is still useful for political scientists. It offers a structured way to study complex political negotiations and decision-making. As research grows, game theory will keep helping us understand politics and make better policies.

If you want to learn more about game theory in political science, there are many resources available. Articles and websites offer deeper insights into this interesting field²⁴.

Game Theory in Psychology and Behavioral Economics

Game theory has made its mark in psychology and behavioral economics. It sheds light on how people make decisions. Behavioral game theory looks at emotions, biases, and heuristics in decision-making. It knows that choices don’t always follow what’s best for us²⁶.

The roots of behavioral game theory go back to Allais in 1953 and Ellsberg in 1961. They introduced paradoxes that questioned traditional game theory²⁶. In the 1970s, Tversky and Kahneman added regret theory and prospect theory. These models included psychological factors in decision-making²⁶. Over the last three decades, it has become a key area in developmental research. It uses machine learning to better understand behavior in games²⁶.

Bounded Rationality and Cognitive Limitations

Bounded rationality is a key concept in behavioral game theory. It recognizes that people have limits in their thinking. Unlike traditional game theory, which assumes rationality, behavioral game theory sees that people don’t always make the best choices²⁶. The Prisoner’s Dilemma is a famous example of this. It shows how decisions in a game are connected²⁷²⁸.

Social Preferences and Fairness Considerations

Behavioral game theory also looks at social preferences like fairness and equity. Ultimatum games, for example, study how emotions affect decisions and the importance of trust²⁶. Common resource games look at cooperation and what people find desirable²⁶. Games in behavioral game theory help us understand social preferences. For instance, ultimatum games show negative reciprocity²⁶.

Game theory is used in many fields, including psychology, evolution, war, politics, and business²⁷. It helps people make the best decisions in a competitive world²⁸. Staying informed about current events helps us understand decision-making in real life.

Behavioral game theory adds psychological factors and social preferences to our understanding of decision-making. It challenges the idea of perfect rationality and self-interest. It gives us valuable insights into human behavior and how we interact with each other.

Evolutionary Game Theory and Biology

Evolutionary game theory is where biology meets math. It looks at how living things adapt and change in groups. It started with R. A. Fisher’s work on mammals’ sex ratios²⁹. John Maynard Smith and George R. Price made it a key part of biology in 1973³⁰.

This theory is different from regular game theory. It focuses on how strategies change in a group, not just individual choices³⁰.

Maynard Smith introduced the idea of evolutionarily stable strategies (ESS) in 1972²⁹. An ESS is a strategy that stays in a group if most members have it³¹. It’s stable because invaders with other strategies will lose over time³¹.

Evolutionary game theory helps explain many biological behaviors. For example, it shows why animals often fight in a ritual way instead of a real fight³⁰. This leads to a mix of aggressive and passive behaviors in a group³⁰.

Other examples include the war of attrition and the prisoner’s dilemma. Each scenario has its own strategies and math³⁰.

Fitness is key in evolutionary game theory. It decides if a strategy will stick around in a group³¹. The fitter the genes, the more offspring they’ll have³¹. In these games, winning means being able to reproduce more³⁰.

Evolutionary game theory helps us understand many biological phenomena. It’s also caught the attention of economists and sociologists²⁹³⁰. As research grows, it will give us more insights into how living things adapt and change.

Limitations and Criticisms of Game Theory

Game theory is useful for making strategic decisions, but it has its flaws. It assumes players are rational and have all the information, which isn’t always true. Studies show that kids start to think more selfishly as they get older, showing how hard it is to apply game theory in real life³².

Game theory can be hard to use because it’s mathematically complex. It focuses on finding a stable point, but real-world situations are often changing and unpredictable. Achieving a stable point in real life is hard because of communication issues and changing strategies³³.

Assumptions of Rationality and Perfect Information

One big problem with game theory is its assumption that people always make rational choices. But, people are often driven by emotions and biases, not just logic. In experiments, people are sometimes tricked into making certain choices, which makes game theory’s predictions less reliable³².

Challenges in Real-World Applications

Using game theory in real life is tough because of the complexity of human interactions. The theory might not work well when people act independently or have loose connections. It also needs a lot of data, which can be hard to get, making it hard to apply accurately³³.

The prisoner’s dilemma shows how game theory assumes players always choose the best strategy. But, experiments show that sometimes cooperating, even if it means losing, can be better in the long run³². This raises questions about the wisdom of always choosing the best strategy, especially if it might lead to negative consequences³².

Alternative Approaches and Extensions

To fix game theory’s problems, new ideas have been developed. Bounded rationality considers how people’s brains limit their choices. Evolutionary game theory looks at how strategies change over time. Behavioral game theory uses psychology and economics to understand human behavior better.

Despite its flaws, game theory is still useful for studying strategic decisions. By understanding its criticisms and limitations, we can use it better and find new ways to tackle real-world challenges.

Game Theory in Practice: Real-World Examples

Game theory is a way to make smart choices in many areas. It’s used in business, international relations, and managing resources. It shows how useful this tool can be in real life.

In business, game theory helps make big decisions. Companies use it to figure out prices, when to enter markets, and even if to merge. By knowing what others might do, businesses can make the best choices for themselves³⁴.

Strategic Decisions in Business and Management

Game theory helps with economic models and pricing strategies³⁴. For example, in markets with a few big players, it predicts how they’ll react to each other. This helps businesses plan their moves carefully.

International Relations and Conflict Resolution

In international relations, game theory is a big help. It analyzes conflicts and negotiations between countries. It gives insights into how different countries might act, helping find ways to solve problems.

The US uses game theory in airport security and port patrols³⁴. Singapore applies it to its coastguard and Civil Defense Force³⁴. These examples show how game theory improves national security and uses resources wisely.

Environmental and Resource Management

Game theory also helps with environmental issues. National parks and wildlife reserves use it to fight poaching³⁴. The World Wide Fund for Nature (WWF) uses it to protect animals and manage resources³⁴.

It also tackles the “tragedy of the commons” problem. Game theory designs ways to keep resources safe by encouraging cooperation. This way, resources can be used without being overused.

Game theory gets even better with technology like machine learning and AI. These tools use data to predict what others might do. This helps make better decisions in many fields, from security to managing resources³⁴.

Future Directions and Research in Game Theory

Game theory research is growing and reaching into new fields like economics, computer science, and biology. Algorithmic game theory is a new area that combines game theory and computer science. It focuses on creating efficient algorithms for solving complex problems³⁵. For example, it has helped in making ride-sharing platforms more efficient³⁵.

Behavioral game theory adds psychology to game models. It tries to understand how humans make decisions, like in the Ultimatum Game³⁵. Evolutionary game theory links biology and economics, studying how strategies evolve in populations, like in birds³⁵.

Network games study strategic decisions in connected networks. They look at how network structure affects things like technology adoption³⁵. Dynamic games, which involve changing strategies over time, are also important, especially in climate change negotiations³⁵.

Multi-agent reinforcement learning is another exciting area. It helps agents learn from rewards and punishments, like in optimizing traffic flow in self-driving cars³⁵. Fair division problems, like sharing COVID-19 vaccines, are also being studied³⁵.

Since the 1950s, game theory has seen a lot of books and articles. It has many specializations, like cooperative and noncooperative theories³⁶. Researchers have explored topics like voting theory and mechanism design³⁶.

Some areas of game theory rely more on data, like in oligopoly theory and evolutionary game theory³⁶. The Prisoners’ Dilemma has inspired thousands of studies, showing the wide scope of game theory³⁶.

Thanks to algorithms, we can now solve complex games like two-player zero-sum games with 10⁸ states³⁷. But games like two-player no-limit Texas hold’em, with 10¹⁶⁵ states, are still hard to solve³⁷. Over the last decade, new techniques have helped agents play these games better³⁷.

Computing Nash equilibria in games with more than two players is very hard³⁷. Other concepts, like subgame perfect equilibrium, are even harder to compute³⁷.

Despite the challenges, Nash equilibrium-based agents have done well in games like 3-player Kuhn poker³⁷. Algorithms can find close approximations of Nash equilibrium strategies in three-player Texas hold’em tournaments, but convergence is not guaranteed³⁷.

Game theory is growing and finding new uses in many fields. Empirical studies and experimental game theory are key in testing theories and studying real-world decisions. The future of game theory research will focus on more complex models that include behavioral factors and dynamic interactions. This will lead to new insights and innovations in strategic decision-making.

Conclusion

Game theory is a key tool for understanding strategic decision-making and how rational agents interact. It has shown its worth in many fields. With 70% of articles on its use and an average of 23 citations per piece³⁸, its value is clear. Its math roots have been explored in many studies, especially in 2011³⁸.

Game theory is used in economics, business, political science, psychology, and biology. It helps us understand social dilemmas, like the prisoner’s dilemma. Here, acting rationally can lead to bad results for everyone³⁹.

By knowing this, we can make better choices when working with others³⁹. The field has two main parts: cooperative and noncooperative game theory⁴⁰. Each part gives a different view on how we interact strategically.

Even with its flaws, game theory is crucial for those who analyze and make decisions in complex situations. As it grows, with contributions from experts like Zhukovskiy, V.I., Podinovskii, V.V., and Kudryavtsev, K.N³⁸, it will help us understand more complex issues. This will make it even more important for making strategic decisions.

Source Links

More Articles

1. Game Theory: A Comprehensive Guide – https://www.investopedia.com/terms/g/gametheory.asp
2. Master Strategic Decision-Making with Game Theory: A Beginner’s Guide – https://www.learnsignal.com/blog/game-theory-strategic-decision-making-business/
3. How Game Theory Strategy Improves Decision-Making – https://www.investopedia.com/articles/investing/111113/advanced-game-theory-strategies-decisionmaking.asp
4. Game theory – https://en.wikipedia.org/wiki/Game_theory
5. Game Theory Explained | American Experience | PBS – https://www.pbs.org/wgbh/americanexperience/features/nash-game/
6. Gameth1.PDF – https://law.yale.edu/sites/default/files/documents/pdf/holler.pdf
7. History of Game Theory – https://christosaioannou.com/History of Game Theory.pdf
8. PDF – https://faculty.sites.iastate.edu/tesfatsi/files/inline-files/GameDef.pdf
9. Game Theory: the Basic Concepts – https://gsme.sharif.edu/~g.k.haddad/uploads/pdfs/game-theory-the-basic-concepts-5e984646e4218319461927.pdf
10. Nash Equilibrium: How It Works in Game Theory, Examples, Plus Prisoner’s Dilemma – https://www.investopedia.com/terms/n/nash-equilibrium.asp
11. Nash Equilibrium – https://corporatefinanceinstitute.com/resources/economics/nash-equilibrium-game-theory/
12. Nash Equilibrium: An Introduction | Built In – https://builtin.com/data-science/nash-equilibrium
13. Dominant Strategy – https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/dominant-strategy/
14. Comparing Dominant Strategy Solution vs. Nash Equilibrium Solution – https://www.investopedia.com/ask/answers/071515/what-difference-between-dominant-strategy-solution-and-nash-equilibrium-solution.asp
15. Strategy (game theory) – https://en.wikipedia.org/wiki/Strategy_(game_theory)
16. Mixed Strategies and Randomization | Game Theory Class Notes – https://library.fiveable.me/game-theory/unit-5
17. Mixed Strategies – https://saylordotorg.github.io/text_introduction-to-economic-analysis/s17-03-mixed-strategies.html
18. Game Theory | Internet Encyclopedia of Philosophy – https://iep.utm.edu/game-th/
19. Game Theory: Your Complete Guide | The Motley Fool – https://www.fool.com/terms/g/game-theory/
20. What is game theory and what are some of its applications? – https://www.scientificamerican.com/article/what-is-game-theory-and-w/
21. What is game theory in economics | Universidad Europea Blog – https://universidadeuropea.com/en/blog/game-theory-economics/
22. How Is Game Theory Useful in Business? – https://www.investopedia.com/ask/answers/09/game-theory-business.asp
23. Game Theory – Econlib – https://www.econlib.org/library/Enc/GameTheory.html
24. Game Theory / Formal Models – https://politicalscienceguide.com/research/methods-and-analysis/game-theory-and-modelling/
25. What game theory tells us about politics and society – https://news.mit.edu/2018/game-theory-politics-alexander-wolitzky-1204
26. Behavioral game theory – https://en.wikipedia.org/wiki/Behavioral_game_theory
27. Game Theory in Psychology: Examples and Strategies – https://www.simplypsychology.org/game-theory.html
28. What Is Game Theory In Behavioral Economics? – https://www.superprof.com/blog/behavioral-economics-decisions/
29. Evolutionary Game Theory – https://plato.stanford.edu/entries/game-evolutionary/
30. Evolutionary game theory – https://en.wikipedia.org/wiki/Evolutionary_game_theory
31. net – https://www.cs.cornell.edu/home/kleinber/networks-book/networks-book-ch07.pdf
32. How Game Theory Works – https://science.howstuffworks.com/game-theory7.htm
33. What are the limitations of game theory in real-world economic analysis? – https://www.linkedin.com/advice/1/what-limitations-game-theory-real-world-economic-lr9ic
34. Real-World Decision-Making Using Game Theory – https://cityperspectives.smu.edu.sg/article/real-world-decision-making-using-game-theory-0
35. Future Directions In Game Theory Research – FasterCapital – https://fastercapital.com/topics/future-directions-in-game-theory-research.html
36. The Present and Future of Game Theory – https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=3152&context=cowles-discussion-paper-series
37. Most important open problems in computational game theory – https://medium.com/ganzfried-gleans/most-important-open-problems-in-computational-game-theory-c08ddfa92fab
38. Conclusion – https://link.springer.com/chapter/10.1007/978-3-030-25546-6_6
39. Game Theory: Understanding Strategic Interaction in Everyday Life – https://www.linkedin.com/pulse/game-theory-understanding-strategic-interaction-life-mansoor-ph-d-
40. What is Game Theory? – http://www.dklevine.com/general/whatis.htm

Network World News

See Full Bio

Behavioral Economics Cooperative games Game Theory Applications Game theory in business Nash Equilibrium Non-cooperative games Rational Decision Making Strategic Decision Making Zero-sum games

Last modified: November 13, 2024