What is the meaning of game theory?

 Game theory is a theoretical framework to conceive social situations among competing players and produce optimal decision-making of independent and competing actors in a strategic setting.

What is game theory and why is it important?

Game theory is a classic theory which applicable all most all the field. The main significant of game theory is to formulate the alternative strategy to compete with one another and in the same sense it is an essential tool for decision making process according to fluctuations in relevant contents

What is game theory and its types?

Constant sum game is the one in which the sum of outcome of all the players remains constant even if the outcomes are different. A zero-sum game is a type of constant sum game in which the sum of outcomes of all players is zero. In a zero-sum game, the strategies of different players cannot affect the available resources.

What does game theory teach us?

Game theory can be described as the mathematical study of decision-making, of conflict and strategy in social situations. It helps explain how we interact in key decision-making processes. ... These "games" are vital even to animals, says Antonio Cabrales, a professor of economics at University College London.

Is game theory math or economics?

Game theory is a branch of mathematics used primarily in economics, political science, and psychology. ... Game theory is the branch of mathematics which focuses on the analysis of such games. Game theory can be divided into two main subdisciplines: classical game theory and combinatorial game theory.