in Economics
What Actually Is Game Theory?
Watch the video above for details on game theory.
In a nutshell, game theory is a theoretical framework for understanding social situations among competing individuals. In simple terms, game theory is the science of strategy, or the science of how individuals can make the most optimal decisions in a strategic setting with other “players”.
The real-world social situations, or “games”, that game theory can be applied to include diplomacy, war, love, business strategy, and more.
