"Game theory is the study of mathematical models of strategic interactions among rational agents."
The study of strategic decision-making by individuals, firms, or organizations in situations with multiple participants or competitors.
Game Theory: The study of strategic decision-making by individuals, organizations, and governments in situations where the outcome depends on the choices of multiple actors.
Nash Equilibrium: The concept of a stable outcome in a game where no player can gain by unilaterally changing their strategy.
Prisoner's Dilemma: A classic game that illustrates the problems of cooperation and the temptation to defect when the options are limited.
Dominance: The idea that a player has a specific strategy that is better than all of their other alternatives, regardless of what their opponents do.
Bayesian Games: Situations in which the players have differing information or beliefs about the game they are playing.
Signaling: Methods by which players communicate information to each other, whether explicitly or implicitly.
Bargaining Theory: The study of the strategies actors use to reach agreements when their joint outcome depends on their mutual decisions.
Repeated Games: The impact of repeated interactions on strategic behavior, and how the reputation of the actors can affect outcomes.
Auctions: A situation in which the participants compete for an object or service by placing bids; different auction styles can lead to different winning strategies.
Mechanism Design: The creation of an incentive structure that maximizes the interests of all parties involved.
Oligopoly: A market structure where a few firms control the market, and their strategic choices can have significant effects on the outcome and efficiency.
Public Goods: Goods that are not owned or provided by any individual, but which benefit society as a whole. The challenge is to provide incentives for all participants to contribute to the provision of these goods.
Regulation and Competition Policy: How the government can use incentives and regulatory structures to promote efficiency and cooperation in markets.
Behavioral Economics: Incorporating psychological insights into modeling the behavior of decision-makers in strategic scenarios.
Network Theory: The study of the impact of connections between individuals or organizations on strategic decision-making.
International Trade and Cooperation: Strategic interactions between states and multinational organizations in areas such as trade, foreign policy, and climate change.
Game Theory in Law: The application of game theory to legal disputes or negotiations, where strategic decision-making is often critical to the outcome.
Classical Game Theory: Focuses on games where players make simultaneous decisions.
Bayesian Game Theory: Studies games where players have incomplete information.
Evolutionary Game Theory: Focuses on how games evolve over time as players learn and adapt.
Cooperative Game Theory: Studies games where players can form coalitions and work together to achieve a common goal.
Non-Cooperative Game Theory: Focuses on games where players act independently and pursue their own interests.
Repeated Game Theory: Studies games where players interact with each other multiple times.
Combinatorial Game Theory: Studies games where players make moves on a complex structure, such as a chessboard or a network.
Stochastic Game Theory: Studies games where the outcome is determined by probabilistic events.
Algorithmic Game Theory: Focuses on the computational aspects of game theory, such as finding efficient algorithms for solving games.
Mechanism Design Theory: Studies how to design games that achieve optimal outcomes, given the incentives and constraints of the players.
Game Theory in Economics: Studies how market participants interact with each other and how their behavior affects market outcomes.
Game Theory in Law: Applies game theory to legal problems, such as contract disputes and antitrust cases, to determine optimal outcomes.
"It has applications in all fields of social science, as well as in logic, systems science, and computer science."
"The concepts of game theory are used extensively in economics as well."
"The traditional methods of game theory addressed two-person zero-sum games."
"Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann."
"Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets."
"Co-written by John von Neumann and Oskar Morgenstern, the book considered cooperative games of several players."
"The second edition of this book provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty."
"Therefore, it is evident that game theory has evolved over time with consistent efforts of mathematicians, economists, and other academicians."
"Game theory was developed extensively in the 1950s by many scholars."
"Game theory was explicitly applied to evolution in the 1970s."
"Game theory has been widely recognized as an important tool in many fields."
"With the Nobel Memorial Prize in Economic Sciences going to game theorists Paul Milgrom and Robert B. Wilson, fifteen game theorists have won the economics Nobel Prize."
"John Maynard Smith was awarded the Crafoord Prize for his application of evolutionary game theory."
"Fifteen game theorists have won the economics Nobel Prize."
"Game theory is used in all fields of social sciences."
"Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets."
"Oskar Morgenstern co-wrote the book with John von Neumann."
"The second edition provided an axiomatic theory of expected utility."
"Game theory has evolved over time with consistent efforts of mathematicians, economists, and other academicians."