Game Theory

Definition *

Game theory is the formal study of decision-making where several players must make choices that potentially affect the interests of other players (Turocy and von Stengel, 2002). Is a mathematical method for analysing strategic interaction (NobelPrize.org, 1994). As a decision-making tool game theory can explain and/or predict an outcome under a set of decision-making rules. It can be used to assess how firms dominate markets, countries make an agreement on trade policy, parties negotiate about wages, or governments deregulate markets and privatise companies.

* Please note this is a 'in production' concept and as such this definition is not ready to be referenced

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