Game Theory

Strategic ThinkingDecision MakingMathematics

Game Theory studies strategic interactions where the outcome depends on the decisions of multiple players.

Introduction

Game Theory studies strategic interactions where the outcome depends on the decisions of multiple players.

Core Concepts

  1. Nash Equilibrium: Situations where no player benefits from changing their strategy unilaterally.
  2. Payoff Matrices: Representing possible outcomes for decision-makers.
  3. Strategic Dominance: Identifying optimal strategies in competitive scenarios.

Applications

  • Negotiations for finding mutually beneficial agreements.
  • Economics for analyzing market behavior.

Related Resources

  • Book: "Game Theory: An Introduction" by Steven Tadelis.
  • Tools: Simulation software like Gambit.

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